Thought For The Day

[neil]

Mind Set

An amateur thinks about how much he can make.
A professional thinks about how much he can lose.

 

[flea]

thought for The Day

“It takes courage to admit you are wrong. It takes courage to face it when you have lost money and not blame it on the other guy or blame it on circumstance. It takes courage to admit that it is your mistake.”

The Mind of a Trader, by Alpesh B. Patel

 

[neil]

To be or not to be - A Sheep

"If a man does not keep pace with his companions, perhaps it is because he hears a different drummer. Let him step to the music he hears, however measured or far away."

--Henry David Thoreau

 

[BeM]

My Thought!

The Stock Market is terribly sensitive, it can be generous and it can be very ruthless, but it has no bias against anyone. If one is polite to the market, respects it and is very grateful to whatever it is ready to give, then that person shall not suffer terrible consequences. If one treats the market as a stupid tool in order to get rich quick, and doesn’t respect it enough, then the first thing the market will do is to teach a horrible lesson to that person. One must see the market as the most respectful partner who could be generous but it has its own requirements as well. The markets don’t give up anything if they don’t see a dedication, humbleness and of course respect, not greed.

 

[bigblue]

Markets Is Going Higher

Markets Are Set To Run!

 

[neil]

Win/Lose ?

"I'm always thinking about losing money as opposed to making money. Don't focus on making money, focus on protecting what you have"

Paul Tudor Jones.

 

[neil]

Boogle said


"the succesful investor is one who even at the heights of euphoria and the depths of despair realises that this too will pass".

the crisis is only in our minds.

A bear market is only the natural cousin of a sustained rally,if we have enjoyed the party , we must also learn to clean up after!!

 

[neil]

Education

It's a good thing for an uneducated man to read books of quotations.


-Winston Churchill

 

[neil]

Judgment

Nothing tells in the long run like a good judgment, and no sound judgment can remain with the man whose mind is disturbed by the mercurial changes of the stock exchange. It places him under an influence akin to intoxication. What is not, he sees, and what he sees, is not.


- Andrew Carnegie

 

[bigblue]

NDX is headed north of 2000 in 2003

 

[flea]

Sometimes, the easiest path to take might be the one that appears the safest. But the easiest and safest paths are not
always the most fruitful courses we can take in life.

Spiritual Investments by Gary Moore.

 

[neil]

Going somewhere/

You've got to be very careful if you don't know where you are going,
because you might not get there.

Yogi Berra

 

[hjk]

In the long term there are only two types of Traders:

Successful Traders and Ex-traders.

 

[neil]

Ex - Traders

..............and Guru's

 

[flea]

When a mood of excitement pervades a market or surrounds an investment prospect, all sensible people should circle the
wagons; it is the time for caution.

A Short History Of Financial Euphoria by John Kenneth Galbraith.

 

[flea]

"Your human nature prepares you to give up your independence under stress. When you put on a trade, you feel the desire to imitate others and overlook objective trading signals. This is why you need to develop and follow trading systems and money management rules. They represent your rational individual decisions, made before you enter a trade and become a crowd member."

Trading for a Living, by Alexander Elder.

 

[neil]

Doggedness

Unless you're the leading dog, the view is always the same.

 

[flea]

You will inevitably feel stress from the guilt and shame of your losses. As cognitive dissonance theory states that people tend to reduce stress by either taking an action or changing their belief, you might convince yourself that the losses were a fluke and shrug off your misfortune and move on. You might even try to think about past good trades in an effort to forget the last bad trades.
But ignoring your losing trades in this fashion is the worst mistake you can make. This is because you can learn more from your losing trades than from your winning trades. Your losing trades allow you to learn the weaknesses of your system and also to explore your own vulnerability and thresholds."

The Undergroundtrader.com Guide to Electronic Trading, by Jea Yu.

 

[neil]

The reason I like Wall Street is because people drive up in Rolls-Royces to get tips from the people that take the subway there"

-Warren Buffet

 

[flea]

"Investors with large amounts of capital obtained from a windfall or from inheritance are much more likely to suffer large losses because they are less likely to truly feel the pain of losing money. Because they did not go through the arduous process of earning it themselves, they view their capital as 'found money.' In comparison, the long-term trader is able to feel the pain of losing and, accordingly, takes the necessary steps to mitigate his losses and to reduce the likelihood of incurring similar losses in the future. Financial survival in the markets is very difficult without the capacity to feel pain, for pain and fear can function as a protective covering, which the psychiatrists claim allows the organism the opportunity to recover and return to a neutral state."

The Mind of the Markets, by F. J. Chu.