Marcus's collected quotes

marcus · #1 14th August 2007, 02:01 AM

Dear friends,

I will be posting the best quotes from the best traders viz-a-vi those who'v actually walked the walked as opposed to those who simply talk the talk (glib talkers as dada would say haha).

marcus · #2 14th August 2007, 07:39 AM

Quote:

Victor Sperandeo
Famously known as Wall Street's "Trader Vic"
The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.

N.B. He's one of the pioneers who began combining fundamentals with technicals and is the original expert in trendlines, Rakesh Jhunjhunwalla has said trader Vic was one of his biggest influences.

CreditViolet · #3 14th August 2007, 08:37 AM

Quote:

Originally Posted by marcus

If intelligence were the key, there would be a lot more people making money trading..

But they are

See Shaw,Asness etc

masterjee · #4 14th August 2007, 10:16 PM

Quote:

Originally Posted by CreditViolet

But they are

See Shaw,Asness etc

Intelligence is a necessary but not sufficient condition (logically speaking). BTW Trader Vic is history - busted by the market - so I guess there will be no Trader Vic III. But his book was a good influence when I read it many years back.

regards

M

marcus · #5 15th August 2007, 12:16 AM

i don't think intelligence is necessary above that of an average level, the turtle experiment proved this and william eckhardt has said the same thing in Jack Schwager's book.

marcus · #6 15th August 2007, 12:18 AM

Todays quote comes from Bruce Kovner
Who Has earned as much as $300 million in one year from trading

Quote:

You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael [Marcus] taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money. Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. I know where I'm getting out before I get in. The position size on a trade is determined by the stop, and the stop is determined on a technical basis. I never think about other people who may be using the same stop, because the market shouldn't go there if I am right. Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose. If you personalize losses, you can't trade.

marcus · #7 16th August 2007, 12:12 PM

Today's quote comes from Michael Marcus
who turned $30,000 into $80 million in 20 years

Quote:

Taking advantage of potential major winning trades is not only important to the mental health of the trader but is also critical to winning. Letting winners ride is every bit as important as cutting losses short. If you don't stay with your winners, you are not going to be able to pay for the losers. In addition to not overtrading, it is important to commit to an exit point on every trade. Protective stops are very important because they force this commitment on the trader.

More info on this master can be found at http://en.wikipedia.org/wiki/Michael_Marcus

Saint · #8 16th August 2007, 11:41 PM

Quote:

Taking advantage of potential major winning trades is not only important to the mental health of the trader but is also critical to winning. Letting winners ride is every bit as important as cutting losses short. If you don't stay with your winners, you are not going to be able to pay for the losers. In addition to not overtrading, it is important to commit to an exit point on every trade. Protective stops are very important because they force this commitment on the trader.

Great stuff,Marcus( and Marcus)......

Saint

marcus · #9 17th August 2007, 02:30 AM

Ah Saint coming from you that really means a LOT

marcus · #10 17th August 2007, 02:35 AM

Today quote is from Jack Schwager a very well known writer and money manager, his books "market wizards" & "New market wizards" are on every living traders top 5 must read books. I've personally read them both and benefited immensely, they can both be found in the download section.

Quote:

Trading provides one of the last great frontiers of opportunity in our economy. It is one of the very few ways in which an individual can start with a relatively small bankroll and actually become a multimillionaire. Of course, only a handful of individuals succeed in turning this feat, but at least the opportunity exists. A rigid stop-loss rule is an essential ingredient to the trading approach of many successful traders. Winning streaks lead to complacency, and complacency leads to sloppy trading.

More information on how he saw his Dad struggle with losses all his life and how this only made him more determined to succeed as a trader himself can be found here http://www.thestreet.com/pf/funds/su...s/1353512.html

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