Quotes of the day

"After I graduated from the New York Military Academy in 1964, I
flirted briefly with the idea of attending film school...but in the end
I decided real estate was a much better business. I began by attending
Fordham University...but after two years, I decided that as long as I
had to be in college, I might as well test myself against the best. I
applied to the Wharton School at the University of Pennsylvania and I got in...I was also very glad to get finished. I immediately moved back home and went to work full time with my father."

-Donald Trump

.........

Damn it breaks my heart. Oh well Analyze Capital was born from the Bronx. We will make it the best.

One quote i like comes from Keynes (who can be considered to be the father of global macro)
"The market can stay irrational longer than you can stay solvent"

"By watching Eli, I learned that even though markets look their very
best when they are setting new highs, that is often the best time to
sell. He instilled to me the idea that, to some extent, to be a good
trader, you have to be a contrarian"

"First of all, never play macho with the market. Second, never overtrade"

"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."

"Risk control is the most important thing in trading"

"Dont
ever average losers. Decrease your trading volume when you are trading
poorly, increase your volume when you are trading well. Never trade in
situations where you don`t have control. For example I don`t risk
significant amounts of money in front of key reports, since that`s
gambling, not trading"

"If you have a losing position that is
making you uncomfortable, the solutuion is very simple: Get out,
because you can always get back in. There is nothing better then a
fresh start."

I posted on the blog the "Old Trader and the Yen", the first chapter of Niederhoffer's Education of a Speculator, one of my favorite trading book http://blog.thelordoftrading.com/2009/10/old-trader-and-yen.html
I'm not sure whether his words should be inspirational or to be read as "what not to do" but I really like this chapter as it highlights the mental conditions we, as speculators, happen to found ourselves...

That really sounds as a part of our trader's life.

Yo, some serious quotes from batman; some of these are so key! even for life in general.

Batman wrote:

“Anything that is a must see, must try, must read, should almost certainly be avoided, especially if it is popular.”

“Never
act upon wishful thinking. Act without checking the facts, and chances
are that you will be swept away along with the mob.”

“Learn to stay calm especially in times of pressure or turmoil. You will make much better decisions.”

“Do not get married until you are at least 28 and know a bit more about yourself and the world.”

“Learn to do as much arithmetic and figures as possible in your head.”

Quote :

John Meriwether is making a hedge fund comeback, his third in less than
a decade. Meriwether, the man behind the spectacular failure that was
LTCM as well as his follow-up blowup in 2008, is planning to roll out a
hedge fund in 2010. I wonder how that will go . . .


- Editors note from HFN Daily Report

LOL

"The only time success comes before Work is in the dictionary" Vidal Sasson

"War does not determine who is right - only who is left" - Bertrand Russel
"Market does not determine who is right - only who is left" - Sauros (well... a bit adapted from Russel )

Luong T Hai wrote:

Complements of Mr. Luong: words of inspiration

Well said

no buyer info, no seller info, no volume info, no ask info, no bid info, you have to accept the given OTC price (some say price has all the info in it!), "welcome to the jungle", sorry welcome to Forex.

_almbayrak66_

"I knew of course, there must be a
limit to the advances and an end to the crazy buying of A.O.T.-Any Old
Thing-and I got bearish. But every time I sold I lost money, and if it
hadn’t been that I ran darn quick I would have lost a lot more."

Jesse Livermore

"Losing money is the least of my troubles. A loss never troubles me after I take it. I forget it overnight. But being wrong – not taking the loss – that is what does the damage to the pocket book and to the soul. "

Jesse Livermore in Reminiscences Of A Stock Operator

"Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money."

Bruce Kovner, hedge fund manager

Batman wrote:

"Losing money is the least of my troubles. A loss never troubles me after I take it. I forget it overnight. But being wrong – not taking the loss – that is what does the damage to the pocket book and to the soul. "

Jesse Livermore in Reminiscences Of A Stock Operator

I've not noticed before but I can see you finally read the Holy Bible
I read it for the 4th time a couple of months ago too

"The ability to foresee that some things cannot be foreseen is a very important quality"

Jean Jacques Rosseau

“Life is not easy. The world is always changing, and the people who change with the world are the ones who succeed.”
--Jim Rogers, jimrogers-investments.blogspot.com

"If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem."
JP Getty