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the interpretation and application of price action concepts

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We all share a similar path in Trading. Even though you may not be a consistently profitable trader now, you can chose to enjoy the path. This alone may make the difference in your success.

 

The Billionaire Traders


Here are some quotes from some famous traders and investors:

on trading technical's

"I haven't met a rich technician" - Jim Rogers.
 "I always laugh at people who say "I've never met a rich technician" I love that! Its such an arrogant, nonsensical response. I used fundamentals for 9 years and got rich as a technician" - Marty Schwartz.

on diversification

  "Diversify your investments" - John Templeton.
  "Diversification is a hedge for ignorance" - William O'Neil.

on picking bottoms and tops

  "Don't bottom fish" - Peter Lynch.
  "Don't try to buy at the bottom or sell at the top" - Bernard Baruch
  "Maybe the trend is your friend for a few minutes in Chicago, but for the most part it is rarely a way to get rich" - Jim Rogers.
  "I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms." - Paul Tudor Jones.

So here we have a group of guys who have collectively taken billions of dollars out of the market and they don't agree on thing regarding how to make money. Not one. So what is a person to do? 

Is there anything they do agree on?   

 Just one: money management

  "My basic advise is don't lose money" - Jim Rogers.
  "I'm more concerned about controlling the downside. Learn to take the losses. The most important thing about making money is not to let your losses get out of hand." - Marty Schwartz.
  "I'm always thinking about losing money as opposed to making money. Don't focus on making money, focus on protecting what you have" - Paul Tudor Jones.
  "Rule number one of investing is never lose money. Rule number two is never forget rule number 1" - Warren Buffet.

"If you have an approach that makes money, then money management can make the difference between success and failure... ... I try to be conservative in my risk management. I want to make sure I'll be around to play tomorrow. Risk control is essential." - Monroe Trout
"If you personalize losses, you can't trade." - Bruce Kovner
"The best traders have no ego. You have to swallow your pride and get out of the losses." - Tom Baldwin
"Never risk more than 1% of your total equity in any one trade. By risking 1%, I am indifferent to any individual trade. Keeping your risk small and constant is absolutely critical." Larry Hite.

 

 


 

 

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