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Ed Seykota Biography

Edward Arthur Seykota (born August 7, 1946) is a commodities trader, who earned S.B. degrees in Electrical Engineering from MIT and Management from the MIT Sloan School of Management, both in 1969. In 1970 he pioneered Systems trading by using early punched card computers to test ideas on trading the markets. Seykota resided in Incline Village, Nevada, on the north shore of Lake Tahoe, but recently moved to Texas.

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Ed Seykota Quotes

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.

Admit, Goal, People, Think, Thinking, Though

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.

Everybody, Money, People, Want, Winning

Fortune tellers live in the future. So do people who want to put things off. So do fundamentalists.

Fortune, Live, People, Tellers, Want

Pyramiding instructions appear on dollar bills. Add smaller and smaller amounts on the way up. Keep your eye open at the top.

Dollar Bills, Dollars, Eye, Open, Pyramiding

In order of importance to me are: 1) the long term trend, 2) the current chart pattern, and 3)picking a good spot to buy or sell.

Buy, Importance, Long, Order, Sell, Trends

Charting is a little like surfing. You dont have to know a lot about the physics of tides, resonance, and fluid dynamics in order to catch a good wave. You just have to be able to sense when its happening and then have the drive to act at the right time.

Charting, Dynamics, Order, Resonance, Surfing, Tides

Be sensitive to subtle differences between 'intuition' and 'into wishing'.

Differences, Intuition, Sensitive, Wish, Wishing

Good traders trade. Good letter writers write letters.

Good, Letters, Traders, Writers, Writing

Psychology motivates the quality of analysis and puts it to use. Psychology is the driver and analysis is the road map.

Analysis, Psychology, Quality, Road, Use

To avoid whipsaw losses, stop trading.

Loss, Losses, Stop, Trading, Whipsaw

Trying to trade during a losing streak is emotionally devastating. Trying to play 'catch up' is lethal.

Lethal, Losing, Play, Trying

Dramatic and emotional trading experiences tend to be negative. Pride is a great banana peel, as are hope, fear, and greed. My biggest slip-ups occurred shortly after I got emotionally involved with positions.

Dramatic, Emotional, Greed, Negative, Pride

It can be very expensive to try to convince the markets you are right

Trying, Convince, Expensive, Right, Markets

Markets are fundamentally volatile. No way around it. Your problem is not in the math. There is no math to get you out of having to experience uncertainty.

Experience, Math, Problem, Uncertainty, Way

Working to anticipate the future can be a distraction from the important task of dealing with the present.

Anticipate, Distraction, Future, Important, Tasks

There are old traders and there are bold traders, but there are very few old, bold traders.

Bold, Old, Traders

It is a happy circumstance that when nature gives us true burning desires, she also gives us the means to satisfy them. Those who want to win and lack skill can get someone with skill to help them.

Circumstance, Happy, Mean, Skills, Win, Winning

Losing a position is aggravating, whereas losing your nerve is devastating.

Aggravating, Devastating, Losing, Nerves, Position

The trading rules I live by are: 1. Cut losses. 2. Ride winners. 3. Keep bets small. 4. Follow the rules without question. 5. Know when to break the rules.

Break, Cutting, Inspirational, Loss, Rules, Small

I turn bullish at the instant my buy stop is hit, and stay bullish until my sell stop is hit.

Bullish, Instant, Stop, Turns

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