#UnknownMarketWizards #Trading #Quote 170/170

[Advice to my son]
Follow your talent.
Choose what interests you.
Don’t settle for less than your best.
Be honest.
Believe in what you can achieve.

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Interesting chart

#UnknownMarketWizards #Trading #Quote 169/170

It was one of my best trades because I took only a small loss despite being dead wrong on the market.

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#UnknownMarketWizards #Trading #Quote 168/170

The most important thing is to have an exit strategy. I always know the price where I will get out.

Pavel Krejci

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UMW 167/170
You have to come to terms with fact that the thing you do well might not matter at a given time. That is something a lot of traders have trouble accepting. They always want to believe that they can do something better than anyone else in any environment.
Chris Camillo

Unknown Market Wizards 166/170
I accept that being in a drawdown is the natural state of a trader. You spend most of your time underwater just like a shark; you’re an apex predator coming up occasionally for a big meal.
Amrit Sall

#UnknownMarketWizards #Trading #Quote 165/170

My more significant drawdowns often follow big winning periods. Sometimes, it’s the result of misguided overconfidence, and the market will quickly humble you.

Amrit Sall

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Unknown MW 164/170
Event trading is almost like playing a professional sport. You have to be so present in that moment. There is so much information coming at you...yet you have to be in this state of equanimity where time slows down. You’re as calm as you can be.
Amrit Sall

Unknown MW 163/170 (part 2)
So, if the market moves from low volatility to high volatility, it provides a highly asymmetric risk/reward ratio—the potential gain far exceeds the required risk because of the increasing volatility.

Richard Bargh

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Unknown MW 163/170 (part 1)
My favorite trades are when markets move from periods of low volatility to high volatility. If you’re in a low volatility regime, then the distance to your stop can be much smaller, and your lot size much larger, relative to a higher volatility regime.

Unknown Market Wizards 162/170

The three most important things to succeed in trading are patience—the ability to wait for the right trade rather than feeling you have to trade all the time—discipline, and risk management.

Jason Shapiro@Crowded_Mkt_Rpt
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#UnknownMarketWizards #Trading #Quote 161/170

I have more emotional and intellectual satisfaction over a trade that had a loss for which I did things right than over a trade that I accidentally made money out of by being stupid.

@peterlbrandt

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UMW 160/170
I was upset that I reacted emotionally, not by the trade outcome. When I say, “What a stupid move,” it has nothing to do with whether the trade was profitable. I can make a stupid move and have a profitable trade, or do everything right and have a loss
@peterlbrandt

UMW 159/170
It is harder dealing with a winning trade than a losing trade. The recipe for handling a losing trade is simple. I don’t want to be in it... But in a winning trade that is not near my target, I sometimes may get spooked out of the trade for some reason.
@peterlbrandt

Unknown Market Wizards 158/170

I have legitimate rules for moving stops, but this was not one of those cases. I moved my stop up for emotional reasons, not based on any rule I could identify. It was a totally unnecessary action.
Peter Brandt

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Unknown Market Wizards 157/170
The significant winning trades worked immediately...[They] were behaviorally different. They broke out and went. I never had to grind through a losing period with them.
Peter Brandt
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#UnknownMarketWizards #Trading #Quote 156/170

My significant winning trades worked immediately. They were behaviorally different. They broke out and went. I never had to grind through a losing period with them.

@peterlbrandt

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#UnknownMarketWizards #Trading #Quote 155/170

When I am losing, I can't focus on anything else besides figuring out how to improve what I am doing. In this way, my losing periods are actually beneficial to my future trading.

Pavel Krejci

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#UnknownMarketWizards #Trading #Quote 154/170

Analyze every mistake you make until you learn something from it and then incorporate what you learn into your process.

Michael Kean

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#UnknownMarketWizards #Trading #Quote 153/170

You need to know your edge and develop your trading process around that edge.

Michael Kean

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