Marcus's collected quotes

Discussion in 'Words of Wisdom' started by marcus, Aug 14, 2007.

  1. marcus

    marcus Active Member

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    Today's quote is from Mr. Richard Dennis , who was at one point of time the worlds most successful commodities speculator and the creator of the turtle trading system, although not much of a public figure in the trading industry it is regrettable that the only book he ever authored was called "Toward moral drug policy" nevertheless his partner the mathematician William Eckhardt has spoken of Richards methods at length in several interviews. A superficial discussion of his methods can be found in Michael Covel's book titled "Trend Following" (which I'm yet to read)

    Oops forgot to say ..... Turned $400 into $200 million trading futures.

    brief biography http://en.wikipedia.org/wiki/Richard_Dennis#Published_works

    picture with excerpts from an interview
    http://www.flatrock.org.nz/topics/money_politics_law/bad_news_on_a_cushion_of_words.htm

    :)
     
    Last edited: Aug 18, 2007
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  2. marcus

    marcus Active Member

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    today's quotes are from Bernard Baruch temporary of Jesse LIvermore and speculator extrordinaire



     
    Last edited: Aug 19, 2007
  3. marcus

    marcus Active Member

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    today's quote is from Paul tudor Jones the man who turned $1.5 million into $300 million in five years

     
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  4. Saint

    Saint Banned

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    Great stuff from Paul Tudor Jones,Marcus........keep em coming!!


    Saint
     
  5. marcus

    marcus Active Member

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    Today's quote is from Ed Seykota who really doesn't need any introduction, he's just basically all over the place apart from being the guru of many of todays well known traders like michael marcus.

    He Achieved 250,000% return over 16 years of trading

    biography http://en.wikipedia.org/wiki/Ed_seykota

    traders tribe where he discusses his unique method of measuring the strength of a trend
    using eulers constant, discuss data verification process, shows us the benefit of diversification, and has a lesson in simple crossover EMA system.

    http://www.seykota.com/tribe/TSP/index.htm

    I advise ppl to do the ema crossover system most of the TA packages have the system coded in their resources section, but try it on your own first.
     
  6. marcus

    marcus Active Member

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    Todays quote comes from Larry Hite who turned a $2 million managed account into $800 million in 8 years.

    Morew info and brief bio about this market wizard found here
    http://turtletrader.com/trader-hite.html
    http://en.wikipedia.org/wiki/Larry_Hite
     
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  7. raosrinivas

    raosrinivas Active Member

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    marcus,

    one of the dilemma, i always faced is, when to take a loss, 7% loss on trade or 1% equity, there are many positions with have gone to -15% then returned to profits, so my observation, if a company is very strong like infosys, wipro , reliance etc and if it is in a primary uptrend, is it not a good idea to hold even if it goes -2% of equity and to let it come back up ? any thoughts ?
     
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  8. uasish

    uasish Guest

    marcus,
    Thks for the collections,indeed good to read & learn.

    Asish
     
  9. marcus

    marcus Active Member

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    Thanks for your appreciation Saint, srinivas and dada.

    Srinivas well I'm not as experienced as other traders but I think perhaps following a max 2% SL may be a good idea, all the market wizards seem to concur on this one point and Sain't advise of money missed is better than money lost. There are plenty of opportunities on trades everyday, holding on till a 15% SL may prove risky as nothing is ever certain in the market, just in case it continues to go down further 1 or 2 bad trades may destroy 15% of our equity. This is just my opinion though I hope others put forth their views as well.
     
  10. uasish

    uasish Guest

    marcus,
    Saint's thread provides an idea where to put the SL.

    Asish
     
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