Think for yourself

One of the biggest pitfalls in trading is to rely too heavily on the guidance of other people. It is important that you formulate your own personal view of the world and make investment decisions in tune with this view.” ~ Richard Olsen


Discipline

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.”

Ed Seykota

I don’t buy what I like, I buy what I can sell later at higher price.

Unless you are Buffet and capable to accumulate enough shares to impact management, your shares are just pieces of paper and you should treat them like such.

Trading happiness

“I spend my day trying to make myself as happy and relaxed as I can be. If I have positions going against me, I get right out; if they are going for me, I keep them.”

Paul Tudor Jones

A loss never bothers me after I take it. I forget it overnight. But being wrong – not taking the loss – that is what does damage to the pocketbook and to the soul.”

Jesse Livermore