Quoting statements, ideas and thoughts from famous people about trading, investing and success - page 3

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Great minds discuss ideas, medium minds discuss events, small minds discuss people.

Eleanor Roosevelt
 

It's not income that makes you rich, it's savings.... Frugality is an important virtue of all rich people.

Bodo Schaefer

 

Питер Тиль:

competition is a loser's game

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If you take perfect competition, it has its pros and cons. In a general sense, this is what you learn in a basic economics course, it is a state that is very easy to model - that's why economics teachers like to talk about perfect competition. In some ways it is efficient - particularly in a world where things are static, because any company in such a system can meet growing demand.

Furthermore, politicians tell us that perfect competition is a good thing for society: they say we need competition, and therefore it is useful. Of course, it has many disadvantages - as a rule, operating in a super-competitive market has a detrimental effect on business, because in this case it is likely not to make money. I will come back to this.

...

 

Risk is the cure for old age. Unknown author from Wall Street

Wealth belongs to him who takes pleasure in it. Benjamin Franklin.

When the newspapers start writing about the good state of the market, sell. Bernard Baruch

Never follow the crowd. Bernard Baruch.

When you ask how to trade profitably, no book, no guru, no strategy can tell you how to do it. Success comes in time, if you put enough effort into it. Brett Steenbarger

 

... Traders who do not have much experience in trading on the market often try to copy trading techniques of already known traders. Professionals, on the other hand, consider all possible strategies including well-known traders, but use the example only in case it suits their trading style. A trader's personality, his knowledge of the market and his own trading system are much more important than the achievements of the great market speculators...

From one broker's website, author not given.

 
You can give advice, but you can't give reason to take that advice. (La Rochefoucauld)
 
Human nature never changes, and it is human nature that rules the market - not reason, not economics and certainly not logic.
It is our human emotions that drive the market, as well as most other things on this planet.
Jesse Livermore
 

Jesse Livermore's rules of thumb

  1. Trade on the trend - buy on a bull market and sell on a bear market.
  2. Do not enter the market when there are no clear trading opportunities.
  3. Trade using major turning points.
  4. Wait for your assumption to be confirmed before entering the market.
  5. Enter the market as soon as major turning points are in play.
  6. Allow profits to grow. Close trades that show losses (good trades usually show profits immediately).
  7. Trade with stop orders determined before you enter the market.
  8. Exit trades if the prospect of further profits becomes uncertain (the trend has ended or weakened).
  9. Trade the leading instruments in each market - trade the strongest stocks in a bull market and the weakest stocks in a bear market.
  10. Let price determine your actions.
  11. Do not average losing positions.
  12. Do not wait for a broker to force you to close positions(margin call), and close unprofitable trades in a timely manner and on your own.
 
"Don't chase the money - go after it."
Aristotle Onassis
 

to follow up:

He who works all day has no time to make money.
D. Rockefeller

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