weekend aftermarket lounge 16-18th march, page-34

Here's a few more inspirational quotes from the famous traders of the Market Wizards (Jack Schwager)

THE VIRTUE OF PATIENCE - the right opportunity increases the probability of success. Jim Rogers famous quote "I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up"

THE IMPORTANCE OF SITTING - you need patience for the right trades, but then staying in trades that are working is also very important. "One common adage that is completely wrongheaded is - you can't go broke taking profits - that is precisely how many traders DO go broke. While amateurs go broke by taking large losses, professionals go broke by taking small profits"

DEVELOPING A LOW RISK IDEA - low risk ideas combine two essential elements: patience (because only a small portion of ideas will qualify) and risk control (inherent in the definition)

THE IMPORTANCE OF VARYING BET SIZE - all who win consistently over the long run have an edge which may vary from trade to trade - some have greater edge, then its time to be more aggressive. "The way to build superior long term returns is through cap preservation and home runs......When you have tremendous conviction on a trade, you have to go for the jugular. It takes courage to be a pig"

SCALING IN AND OUT OF TRADES - this provides flexibility and broadens your choices. Some trades said that this enabled them to stay with at least part of long-term winning trades longer.

..and
BEING RIGHT IS MORE IMPORTANT THAN BEING A GENIUS and DON'T WORRY ABOUT LOOKING STUPID (these don't need explanations!!)

BTW - thanks all for the useful contributions this week.