Thought of the Day (August 18, 2009)

When I’ve observed other traders, the best ones are always aggressive. They don’t even think about the trade, they just do it. And that’s a trait that I really admire. But the thing is, they’re aggressive and they take care of their capital. They’re only aggressive when they perceive a good opportunity. As soon as the opportunities disappear, or if they’re losing money, then they stop. It’s seems like a kind of a switch that they can turn on and off, which I think is a really good thing.

– Michael Friesen

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Thought of the Day (August 17, 2009)

To make any method work, you have to develop the strict discipline to follow all of the rules, not just the ones you find agreeable.

– William O’Neil

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Thought of the Day (August 16, 2009)

Think like a guerrilla warrior. Fight on the side of the market that is winning. Don’t waste time and capital on futile efforts to gain fame by buying the lows, or selling the highs, of some market movement. Your duty is to earn profits by fighting alongside the winning forces. If neither side is winning, then don’t fight at all.

– StoryTeller, TMF Boards

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Thought of the Day (August 15, 2009)

These faults can be found in many traders and investors: Do not be careless or reckless with your trading. You trade for profit, not for fun and games. Do not be timid; once you have identified an opportunity, attack it. Act on it. Do not get angry over a losing trade and swear to get even. You won’t. Do not get down on yourself for a losing trade, or even a string of losing trades. Find out what you are doing wrong and correct the problem. Do not fall in love with a stock, a bond, or anything else. You must learn that this is conflict, and you must be rather mercenary with your trading and investing.

– Dean Lundell, Sun Tzu’s Art of War for Traders and Investors

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Thought of the Day (August 14, 2009)

One of the greatest dangers that traders face is uncertainty about the approach they are taking, and whether or not it’s going to continue working. I find, invariably, that just when people write something off is the exact wrong time to stop using it.

– Curtis Faith

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Thought of the Day (August 13, 2009)

A thorough understanding of yourself is essential in trading. How you think, what you believe, and how you act out your life are critical parts of winning in trading and winning in life. Very few people understand, or are aware of, this subtlety in the trading profession. In other careers, you can get by; but in trading, you are quickly eliminated. The sad part is, most people have no idea why they have failed.

– Victor Sperandeo, Principles of Professional Speculation

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Thought of the Day (August 12, 2009)

It never entered my mind to sit back and say, “I can’t do it.” I had such a tremendous appetite to excel and to grasp all that there was to know to be the best there is. This attitude is such a motivational force in my life no matter what I do. My learning involved great sacrifice. I spent lots of evenings home alone. For me to go hang out at the pub with the gang just didn’t cut it. I would rather be at home with my charts, which brought me great satisfaction. It is something that I still love to do.

– Dan Zanger

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