A Quote by Linda Bradford Raschke
The good traders are the ones who can hold their ground the majority of the month and participate in that small handful of trades that are windfalls. The real skill is in not LOSING money!
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Stock exchanges say that more than half of all trades are now executed by just a handful of high-frequency traders, who use rapid-fire computers to essentially force slower investors to give up profits, then disappear before anyone knows what happened.
Money is an invention of the marketplace of exchange,
brought into being by traders
who discovered that a reliable medium
could facilitate trades that were more difficult
or even impossible by barter alone.
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.
My percentage of winners is only about 50/50, because I cut my losers very quickly. The maximum loss I allow is 7%, and usually I am out of a losing stock a lot quicker. I make my money on the few stocks a year that double and triple in price. The profits in those trades easily makes up for all the small losers.
Contrary to popular belief, you don't make money as an actor in the beginning. Your publicist might cost $5000 a month, so you're losing money.
The commerce of intellect loves distant shores. The small retail dealer trades only with his neighbor; when the great merchant trades he links the four quarters of the globe.
The truth is that once you get down on the trading floor, you find that the traders come from all walks of life. You don't have to be a rocket scientist to be a trader. In fact, some of the best traders whom I knew down on the floor were surf bums. Formal education didn't really seem to have much to do with a person's skill as a trader.
We need to focus much more on the bottom 40 per cent. They are losing ground, and the fact that they are losing ground blocks social mobility and brings down economic growth.
Bill Gates and Warren Buffett have their 'Giving Pledge,' where billionaires promise to give away the majority of their wealth when they die. My Social Security Pledge is better - to give money to good causes when you are alive. Besides, more Americans can participate.
Most private traders on a losing streak keep trying to trade their way out of a hole. A loser thinks a successful trade is just around the corner, and that his luck is about to turn. He keeps putting on more trades and increases his size, all the while digging himself a deeper hole in the ice. The sensible thing to do would be to reduce your trading size and then stop and review your system.
I come from a family of traders; my grandmother and my mother were very good at making money.
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.
I have had a small handful of truly blatantly discriminatory experiences for being transgender, but the vast majority are simply the differences between being a man versus being a woman in science and business.
Unfortunately, skill in evaluating the business prospects of a firm is not sufficient for successful stock trading, where the key question is whether the information about the firm is already incorporated in the price of the stock. Traders apparently lackthe skill to answer this crucial question, but they appear to be ignorant of their ignorance.
Good traders liquidate when they are wrong, great traders reverse when they are wrong
I find medicine is the best of all trades because whether you do any good or not you still. Get your money.
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