"Longevity, in this business, is mesured by discipline.”
“Some like to search, some like to find and some realize they already have it."
"I knew I could not predict anything, and that is why we decided to follow trends, and that is why we've been so successful. We simply follow trends. No matter how ridiculous those trends appear to be at the beginning, and no matter how extended or irrational they seem at the end, we follow trends."
"Thinking about what is supposed to happen in the future can tempt a Trend Follower to override a signal he gets in the now."
"If you want to know everything about the market, go to the beach. Push and pull your hands with the waves. Some are bigger waves, some are smaller. But if you try to push the wave out when it’s coming in, it’ll never happen. The market is always right."
"I have learned many things from him (George Soros), but perhaps the most significant is that it’s not whether you are right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong."
"The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails."
(William Arthur Ward)
"I agree with the metaphysics of technical analysis that the fundamentals are discounted. You don't get any profits from fundamental analysis; you get profit from buying and selling. So why stick with the appearance when you can go right to the reality of price and analyze it better?"
"The market is always right and price is the only reality in trading. If you want to make money in any market, you need to mirror what the market is doing. If the market is going down and you are long, the market is right and you are wrong. If the market is going up and you are short, the market is right and you are wrong. Other things being equal, the longer you stay right with the market, the more money you will make. The longer you stay wrong with the market, the more money you will lose."
"The four most expensive words in the English language are: this time it's different."
(Sir John Templeton)
"I have noticed that everyone who ever told me that the markets are efficient is poor."
"The trend is the basis of all profit."
"Good traders take advantage of direction and duration- not turning points."
"There is no other way to make a profit than for a trend to be in the direction of your trade from entry to exit."
"Don't pick tops and bottoms, let them pick themselves."
"The best evidence that a market is going to go up is that it's already doing so."
"The best evidence that a market is going to go down is that it' already doing so."
"Forget cheap. Forget expensive. A market never gets too high to buy or too low to sell."
(J. Welles Wilder Jr)
"The successful speculator must always have cash in reserve, like a good general who keeps troops in reserve for exactly the right moment, and then moves with great conviction, and commits his reserve armies for final victory, because he has waited until all the odds are in his favor."
"Reasonable people act unreasonably when they are afraid. And people become afraid when they start to lose money, their judgement becomes impaired. This is our human nature in this stage of our evolution. It cannot be denied. It must be understood."
"I believe that the public wants to be lead, to be instructed, to be told what to do. They want reassurance.They will always move on masse, a mob, a herd, a group, because people want the safety of human company. They are afraid to stand alone because the pressure is to be safely included within the herd, not to be the lone calf standing on the desolate, dangerous wolf-patrolled prairie of contrary opinion."