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


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

Trends

“Remember that stocks are never too high for you to begin buying or too low to begin selling. But after the initial transaction, don’t make a second unless the first shows you a profit. Wait and watch.”

Jesse Livermore

It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.”

William O’Neil

Patience

Don’t take action with a trade until the market, itself, confirms your opinion. Being a little late in a trade is insurance that your opinion is correct. In other words, don’t be an impatient trader.”

Jesse Livermore