Thought of the Day (July 10, 2009)

One of the many contradictions of trading is that it offers a gift and a curse at the same time. The gift is that, perhaps for the first time in our lives, we’re in complete control of everything we do. The curse is that there are no external rules or boundaries to guide or structure our behavior. The unlimited characteristics of the trading environment require that we act with some degree of restraint and self-control, at least if we want to create some measure of consistent success. The structure we need to guide our behavior has to originate in your mind, as a conscious act of free will. This is where many problems begin.

– Mark Douglas, Trading in the Zone

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Thought of the Day (July 9, 2009)

Why risk everything on one trade? Why not make your life a pursuit of happiness rather than pain? I decided that I had to learn discipline and money management.

– Paul Tudor Jones

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Thought of the Day (July 8, 2009)

Among the hazards of speculation the happening of the unexpected – I might even say of the unexpectable – ranks high.

– Jesse Livermore, Reminiscences of a Stock Operator

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Thought of the Day (July 7, 2009)

There is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again.

– Jesse Livermore, Reminiscences of a Stock Operator

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Thought of the Day (July 6, 2009)

Be very selective. Never trade for trading’s sake. Have the patience to sit on your money until the high probability trade sets up exactly right.

– James Rogers, Market Wizards by Jack Schwager

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Thought of the Day (July 5, 2009)

I know for a fact that my discipline in executing each and every trade according to my trading system is the secret to my success. If you want to improve your trading, what you need to do is very simple. Before you enter any trade, think that you will have to explain this trade to the world in a case study format. You have to explain the reason for entry, your risk management guidelines, and why you exited the trade. If you can truly do this, I strongly believe that you can enjoy the same type of success I have enjoyed in this challenge.

– Tony Oz, The Stock Trader

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Thought of the Day (July 4, 2009)

Success is a journey, not a destination.

– Ben Sweetland

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