Anyone can get old, all you have to do is live long enough – GROUCHO MARX This is a rather humorous yet profound Groucho Marx quote that I recently read. It reminded me of trading, where the quote might be “Anyone can make money, all you have to do is stay in the game [...]
Wisdom is meaningless until your own experience has given it meaning and there is wisdom in the selection of wisdom – BERGEN EVANS Author and Professor Those of you that follow this blog know that I am a big fan of a definitive trading plan. Having a plan however, does not equate to success, there [...]
I would like to take this opportunity to thank our subscribers and to wish you all a wonderful and prosperous 2010. Vince Lombardi once said, “It is a reality of life that men are competitive and the most competitive games draw the most competitive men. That’s why they are there – to compete. The object [...]
Likeness to the truth is not the same thing as truth – SOCRATES A set of statistics that suggest a positive expectation (a system) is quite helpful when sailing the seas of uncertainty. In fact I believe most traders need a definitive plan to assure discipline. We need to look at the various measurements [...]
Here is a 2009 article by written by Chuck LeBeau: Back in the late 1960s, I was a young commodity broker at E. F. Hutton and Co. Our office was a brand-new high-tech office (for its time) that was considered the “flagship office” for E.F. Hutton. In this office about 30 brokers and as [...]
This is a very interesting video from Howard Lederer, the famous poker player. He draws some very significant similarities between being a great poker player and a great trader. Howard Lederer is known as “the Poker Professor” because of his demeanor, analytical style and long history of wins. He is known for his focused, calm [...]
Successful system trading, in spite of the financial rewards, can be frustrating. A quantified mechanical model will take many decisions off the table. Yet, various issues, particularly the psychological approach to the issues, will always be in play. I am a big fan of reliable quantified models, but I also realize that the approach [...]
The race is not always to the swift nor the battle to the strong, but that’s the way to bet - DAMON RUNYON According to Wikipedia, “A game of chance is a game whose outcome is strongly influenced by some randomizing device, and upon which contestants may or may not wager money or anything of [...]
I had the pleasure of working with Jack Schwager from 1980 to 1983. At the time Jack was the Director of Commodity research at Paine Webber Jackson Curtis, Inc., and the author of the famous book “Market Wizards,” Interviews with top traders. In the Wizards Jack interviewed successful traders like Michael Marcus, Paul Tudor Jones [...]
Action and reaction, ebb and flow, trial and error, change- this is the rhythm of living. Out of our over-confidence, fear; out of our fear, clearer vision, and fresh hope. And out of hope, progress – BRUCE BARTON (AMERICAN CONGRESSMAN 1886-1967) If we want to become better traders, we need to rely more on [...]
