A Quote by Jeff Yass
The moral is that in trading it's important to examine the situation from as many angles as possible, because your initial impulses are probably going to be wrong. There is never any money to be made in the obvious conclusions.
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Don’t ever average losers. Decrease your trading volume when you are trading poorly; increase your volume when you are trading well. Never trade in situations where you don’t have control. For example, I don’t risk significant amounts of money in front of key reports, since that is gambling, not trading.
There are infinitely many variations of the initial situation and therefore no doubt indefinitely many theorems of moral geometry.
Trading has taught me not to take the conventional wisdom for granted. What money I made in trading is testimony to the fact that the majority is wrong a lot of the time. The vast majority is wrong even more of the time. I've learned that markets, which are often just mad crowds, are often irrational; when emotionally overwrought, they're almost always wrong.
So when I made some money, I didn't have any idea how one handled such a situation because no one in our family ever had any money.
You keep waiting for the moral of your life to become obvious, but it never does. Work, work, work: No moral. No plot. No eureka! Just production schedules and days. You might as well be living inside a photocopier. Your lives are all they're ever going to be.
Where you want to be is always in control, never wishing, always trading, and always first and foremost protecting your ass. That's why most people lose money as individual investors or traders because they're not focusing on losing money. They need to focus on the money that they have at risk and how much capital is at risk in any single investment they have. If everyone spent 90 percent of their time on that, not 90 percent of the time on pie-in-the-sky ideas on how much money they're going to make, then they will be incredibly successful investors.
No matter how many people tell you, Save your money, when you've got a series, you never do. Somehow it doesn't seem important. Maybe it's because you've been without money for so long as an actor.
The correctness of any of our policies has always to be tested and is always being tested by the masses themselves. We ourselves constantly examine our own decisions and policies. We correct our mistakes whenever we find them. We draw conclusions from all positive and negative experiences and apply those conclusions as widely as possible. In these ways relations between the Communist party and the masses of the people are constantly being improved.
You're in a situation where you have limited education opportunities, you don't have any money, you can't get a job; what are you going to do? You're going to go back to this criminal network that you actually made while you were in prison.
The first rule of trading - there are probably many first rules - is don't get caught in a situation in which you can lose a great deal of money for reasons you don't understand.
I hung around hippie-ish kind of people and, first of all, they never made any money. If you never make any money, you never have to declare any profession!
The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliché, but the single most important reason that people lose money in the financial markets is that they don't cut their losses short.
Tennis is a game of angles. You never have time to figure the angles. It's practiced. It's so practiced that it becomes an instinct. You just know where to put the ball. You just feel it. It has been computed into your brain so many times it is there.
Successful trading depends on the 3M`s - Mind, Method and Money. Beginners focus on analysis, but professionals operate in a three dimensional space. They are aware of trading psychology their own feelings and the mass psychology of the markets. Each trader needs to have a method for choosing specific stocks, options or futures as well as firm rules for pulling the trigger - deciding when to buy and sell. Money refers to how you manage your trading capital.
I think an important lesson from the game is that once you have made a move, you cannot take it back. You really have to measure your decisions. You think a lot. You evaluate your choices very carefully. There's never any guarantee about what's going to follow once you have made a decision.
I never cared about money because I never needed money, you know what I mean? When I was 12 to 17 I never saw any of the money, so the money never motivated me.
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