“Dramatic and emotional trading experiences tend to be negative. Pride is a great banana peel, as are hope, fear, and greed. My biggest slip-ups occurred shortly after I got emotionally involved with positions.” PositionEmotionalPrideInvolvedNegativeGreedDramaticSlipsTradingBananas Author:Ed Seykota
“In order of importance to me are: 1) the long term trend, 2) the current chart pattern, and 3)picking a good spot to buy or sell.” LongOrderTermImportanceSellsPatternsCurrentsSpotsLong TermTrends Author:Ed Seykota
“The markets are the same now as they were five or ten years ago because they keep changing-just like they did then” YearsFiveTenYears Ago Author:Ed Seykota
“The trading rules I live by are: 1. Cut losses. 2. Ride winners. 3. Keep bets small. 4. Follow the rules without question. 5. Know when to break the rules.” KnowsInspirationalLossBreakCuttingLife PhilosophyTradeWinnerLive ByTradingBettingBreaking Rules Author:Ed Seykota
“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.” IfsKnowsWantTryingHandsHappensBiggerWaveBeach Author:Ed Seykota
“Systems don't need to be changed. The trick is for a trader to develop a system with which he is compatible.” NeedsChangedTricksCompatibleTraders Author:Ed Seykota
“Pyramiding instructions appear on dollar bills. Add smaller and smaller amounts on the way up. Keep your eye open at the top.” WayEyeAmountBillsDollarsAddInstructionDollar Bills Author:Ed Seykota
“It can be very expensive to try to convince the markets you are right.” TryingExpensiveConvince Author:Ed Seykota