A Quote by William Eckhardt
Amateurs go broke taking large losses, professionals go broke taking small profits.
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One common adage...that is completely wrongheaded is: You can't go broke taking profits. That's precisely how many traders do go broke. While amateurs go broke by taking large losses, professionals go broke by taking small profits.
The advice "you never go broke taking a profit" is foolish.
You ever see a bar with 200 beautiful women go broke? But I've seen a lot of bars with great DJs go broke.
I go broke a lot... I go broke a lot because I have this understanding that whatever I put out there, if I really am doing what's right, it's going to be rewarding, you know?
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 investments after long periods of winning.
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.
Now that I'm afraid was institutionalized, and the great thing about the Canadian content regulations is that it broke that open. I mean it broke it open because people were faced with no choice, but to really start listening to these records and find the ones that they could play. It didn't take long for Canadian radio to go "Wow! We're not going broke doing this, it's not killing us, the audience isn't complaining."
I'm not gonna be broke, like my mom was broke, my uncles were broke, my sisters didn't have money, my cousins on down.
When you start off broke - and we weren't broke, we were negative broke - you never forget that. You stay appreciative.
Let's say I go completely broke, I'm about to star in the next '30 for 30: Broke.'
In both the art and the business worlds, the difference between the amateurs and the professionals is simple: The professionals know they're winging it. The amateurs pretend they're not.
No one ever went broke by taking a profit.
I went dead broke - twice! - trying to get Gas Monkey up and going. And when I say broke, I mean sleeping on my sister's couch and can't pay-the-rent type broke.
Others settle for small rewards; the neurotic must always go for broke.
Based on the experience of my life, which I have not exactly hit out of the park, I tend to agree with that thing about, If it's not broke, don't fix it. And would go even further to: Even if it is broke, leave it alone, you'll probably make it worse.
After I broke my leg I had to go back and do one of the remakes of 'The Magnificent Seven' and ended up on a horse that pitched me off and broke my leg again... I rode horses pretty well. I just didn't like doing it.
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