Don't think about what the market's going to do; you have absolutely no control over that. Think about … - William Eckhardt

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Quote of the day

Those who want nothing are apt to forget how many there are who want every thing.

William Eckhardt

Don't think about what the market's going to do; you have absolutely no control over that. Think about what you're going to do if it gets there. In particular, you should spend no time at all thinking about those rosy scenarios in which the market goes your way, since in those situations, there's nothing more for you to do. Focus instead on those things you want least to happen and on what your response will be.

Focus, Rosy, Think, Thinking, Want, Way

Same Author Quotes

The desire to maximize the number of winning trades (or minimize the number of losing trades) works against the trader. The success rate of trades is the least important performance statistic and may even be inversely related to performance.

Against, Losing, Numbers, Rate, Success, Winning

It's much easier to learn what you should do in trading than to do it. Good systems tend to violate normal human tendencies.

Easier, Normal, Should, Systems, Trading, Violate

People want to buy cheap and sell dear; this by itself makes them countertrend. But the notion of cheapness or dearness must be anchored to something. People tend to view the prices they’re used to as normal and prices removed from these levels as aberrant. This perpective leads people to trade counter to an emerging trend on the assumption that prices will eventually return to “normal”. Therein lies the path to disaster.

Cheap, Dear, Lies, Lying, People, Views

In many ways, large profits are even more insidious than large losses in terms of emotional destabilization. I think it's important not to be emotionally attached to large profits. I've certainly made some of my worst trades after long periods of winning. When you're on a big winning streak, there's a temptation to think that you're doing something special, which will allow you to continue to propel yourself upward. You start to think that you can afford to make shoddy decisions. You can imagine what happens next. As a general rule, losses make you strong and profits make you weak.

Emotional, Loss, Losses, Start, Strong, Ways

I haven't seen much correlation between good trading and intelligence. Some outstanding traders are quite intelligent, but a few aren't. Many outstanding intelligent people are horrible traders. Average intelligence is enough. Beyond that, emotional makeup is more important.

Emotional, Intelligent, Makeup, People, Trading