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Quote by William Eckhardt

“It's much easier to learn what you should do in trading than to do it. Good systems tend to violate normal human tendencies.”

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William Eckhardt

William Eckhardt, born in 1955, is a renowned trader known for his unique trading strategies and exceptional investment performance in the financial markets. more

“In many ways, large profits are even more insidious than large losses in terms of emotional destabilization. I think it's important not to be emotionally attached to large profits. I've certainly made some of my worst trades after long periods of winning. When you're on a big winning streak, there's a temptation to think that you're doing something special, which will allow you to continue to propel yourself upward. You start to think that you can afford to make shoddy decisions. You can imagine what happens next. As a general rule, losses make you strong and profits make you weak.”

Thinking Way Long Made Important Bigs Happens Next Winning Strong Term Loss Decision Imagine Worst Special Emotional Periods Weak Trade Profit Temptation Something Special Streaks Insidious

Author:William Eckhardt

“Don't think about what the market's going to do; you have absolutely no control over that. Think about what you're going to do if it gets there. In particular, you should spend no time at all thinking about those rosy scenarios in which the market goes your way, since in those situations, there's nothing more for you to do. Focus instead on those things you want least to happen and on what your response will be.”

Ifs Thinking Way Want Should Happens Situation Focus Particular Response Scenarios Rosy

Author:William Eckhardt

“One common adage...that is completely wrongheaded is: You can't go broke taking profits. That's precisely how many traders do go broke. While amateurs go broke by taking large losses, professionals go broke by taking small profits.”

Loss Common Profit Broke Adages Traders

Author:William Eckhardt

“The desire to maximize the number of winning trades (or minimize the number of losing trades) works against the trader. The success rate of trades is the least important performance statistic and may even be inversely related to performance.”

May Important Success Desire Winning Numbers Losing Performances Trade Rate Related Trading Key To Success Recipe For Success Traders Maximizing Minimizing

Author:William Eckhardt

“You have to find out what's right for you, so it's trial and error. You are going to be all right if you accept realistic goals for yourself.”

Ifs Wisdom Goal Accepting Errors Trials Realistic Setting Goals Trial And Error Realistic Goals

Author:Teri Garr

“What feels good is often the wrong thing to do.”

Feels Feel Good Things To Do Wrong Things

Author:William Eckhardt

“People want to buy cheap and sell dear; this by itself makes them countertrend. But the notion of cheapness or dearness must be anchored to something. People tend to view the prices they’re used to as normal and prices removed from these levels as aberrant. This perpective leads people to trade counter to an emerging trend on the assumption that prices will eventually return to “normal”. Therein lies the path to disaster.”

People Want Used Lying Levels Views Path Return Normal Trade Sells Notion Dear Disaster Assumption Trends Emerging Cheapness

Author:William Eckhardt

“Amateurs go broke taking large losses, professionals go broke taking small profits.”

Loss Profit Broke

Author:William Eckhardt

“The market likes to lull you into the false security of high success rate techniques, which often lose disastrously in the long run. The general idea is that what works most of the time is nearly the opposite of what works in the long run.”

Long Ideas Running Loses Security Opposites Rate Technique Likes Long Runs Lulls

Author:William Eckhardt

“Good systems tend to violate normal human tendencies.”

Humans Normal Tendencies

Author:William Eckhardt

Quote by William Eckhardt

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