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Re: Not someone to emulate...(dirt)
In Response To: Not someone to emulate... ()

MY RESPONSES ARE IN PARENTHESES

1. “Money is made by sitting, not trading.” (Don’t buy this. The greatest quality of a trader is to adapt to a changing market. You don’t “sit” as a rule. You sit when it’s quiet. You move when the market moves, in and out, take advantage of volatility. Chaos is a calm trader’s best friend. To sit as a rule is simply nonsense.)

2. “It takes time to make money.” (For him, the market dictates the time to make money.)

3. “It was never my thinking that made the big money for me, it always was sitting.” (Keep sitting)

4. “Nobody can catch all the fluctuations.” (True)

5. “The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money everyday, as though they were working for regular wages.” (You take what the market gives you.)

6. “Buy right, sit tight.” (More sitting.)

7. “Men who can both be right and sit tight are uncommon.” (A trader has to define what the longer term expectations on the market are and what their short-term trading or day trading. My longer term positions favor the upside, and are also ready for the down side to a lesser extent, and I don’t pay much attention to them unless the market moves. My day trading? I will wait for the market to tell me tomorrow and the next day and the next. In trading you can play checkers or chess or both, which is what I try to do.)

8. “Don’t give me timing, give me time.” ZZZzzzzzz

and finally, the most important thing:

9. “There is a time for all things, but I didn’t know it. And that is precisely what beats so many men in Wall Street who are very far from being in the main sucker class. There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. Not many can always have adequate reasons for buying and selling stocks daily – or sufficient knowledge to make his play an intelligent play.”
(This is arroganza. Every trader is different in personality, risk tolerance, market adaptation etc. This guy judged everyone on his own qualities. This is the problem with many traders - they are not capable of learning from others, not able to evolve, nor grow from their mistakes)

Messages In This Thread

Gaps (marwillim)
Re: Gaps (marwillim)
what? no magic or magnetism!!!!!!!!
no magic or magnetism!!!!!!!!
Not someone to emulate...
Re: Not someone to emulate...(dirt)
Re: Not someone to emulate...(dirt)
Re: Not someone to emulate...(dirt)
Re: Not someone to emulate...(dirt)
Re: Not someone to emulate...(Nagual)
Re: Not someone to emulate...(Nagual)
Re: what? no magic or magnetism!!!!!!!!
Might coffee GAP UP, tomorrow?!?