ZF Capital

I set protective stops at the same time I enter a trade. I normally move these stops in to lock in a profit as the trend continues. Sometimes, I take profits when a market gets wild. This usually doesn’t get me out any better than waiting for my stops to close in, but it does cut down on the volatility of the portfolio, which helps calm my nerves. Losing a position is aggravating, whereas losing your nerve is devastating.

– Ed Seykota, Market Wizards

The trend is your friend until it bends near the end.

– Ed Seykota

Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.

– Ed Seykota, Market Wizards by Jack Schwager

I think that if people look deeply enough into their trading patterns, they find that, on balance, including all their goals, they are really getting what they want, even though they may not understand it or want to admit it.

– Ed Seykota, Market Wizards by Jack Schwager