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"The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge."
2, "Intellectual capital will always trump financial capital." 3. The concept of paying one-hundred-and-something times earnings for any company for me is just anathema. Having said that, at the end of the day, your job is to buy what goes up and to sell what goes down so really who gives a damn about PE's?" (P/E is price to earnings ratio.) 4. "Every day I assume every position I have is wrong."
5. "Losers average losers." 6.. "There is no training, classroom or otherwise, that can prepare for trading the last third of a move, whether it's the end of a bull market or the end of a bear market."
7. “You adapt, evolve, compete or die.” 8. "Trading is very competitive and you have to be able to handle getting your butt kicked." 9. If trading is like chess, then macro is like three-dimensional chess."
and always. "Where you want to be is always in control.10. It gets back to whether you’re making 100% rate of return on $10.000 or $100 million dollars. “After a while size means nothing. the most important thing is how good are you at risk control." 13. It doesn’t make any difference 14. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms. "Failure was a key element to my life’s journey. never wishing." 12." . always trading." 15. "At the end of the day. "I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. “The whole world is simply nothing more than a flow chart for capital 11. first and foremost protecting your butt.
Nothing’s better than a fresh start.As reported in Market Wizards. Keeps trying the single trade idea until he changes his mind. he pursues it from a very-lowrisk standpoint until he has been proven wrong repeatedly. but what he is going to do from the next moment on. • He has mental stops. not great offense. • Spends his day making himself happy and relaxed. Decreases his trading size when he is doing poorly. • • • Monitors the whole portfolio equity (risk) in realtime. Gets out if a losing position is making him uncomfortable. When he develops an idea. Otherwise. he is out no matter what. Key is to play great defense. • Considers himself as a premier market opportunist. Jones futures trading style and beliefs are summarized as follows : Contrarian attempt to buy and sell turning points. but time stops. Then he trades the smallest amount when his trading is at its worst. • Never average losers. • . Has missed a lot of meat in the middle. the best money is made at the market turns. If it hits that number. He believes prices move first and fundamentals come second. increase when he is trading well. • Swing trader. but catches a lot of tops and bottoms. fundamentally. He doesn’t care about mistakes made 3 seconds ago. He uses not only price stops. or until he changes his viewpoint. he keeps cutting his position size down.
Don’t ever feel that you are very good.Don't be a hero. The second you do. Don't have an ego. you are dead. • . Always question yourself and your ability.