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ZURICH AXIOMS ON INVESTMENTSDisclosure statements:all contents of this blog are a selection of informations from the domaine and has to be treatedas amusements purpose, with no liabilities whatsoeverMax Gunther set forth basic trading principles called The Zurich Axioms:On Risk:- Worry is not a sickness but a sign of health - if you are not worried, you are not risking enough.- Always play for meaningful stakes - if an amount is so small that its loss won’t make any significant difference, then it isn’t likely to bring any significant gains either.- Resist the allure of diversification.On Greed:- Always take your profit too soon.- Decide in advance what gain you want from a venture, and when you get it, get out.On Hope:- When the ship starts sinking, don’t pray. Jump.- Accept small losses cheerfully as a fact of life. Expect to experience several while awaiting a large gain.On Forecasts:- Human behaviour cannot be predicted. Distrust anyone who claims to know the future, however dimly.On Patterns:- Chaos is not dangerous until it starts to look orderly.- Beware the historian’s trap - it is based on the age-old but entirely unwarranted belief that the orderly repetition of history allows for accurate forecasting in certain situations.- Beware the chartist’s illusion - it is characteristic of human minds to perceive links of cause and effect where none exist.- Beware the gambler’s fallacy - there’s no such thing as "Today’s my lucky day" or "I’m hot tonight".On Mobility:- Avoid putting down roots. They impede motion.- Do not become trapped in a souring venture because of sentiments like loyalty and nostalgia.- Never hesitate to abandon a venture if something more attractive comes into view.On Intuition:- A hunch can be trusted if it can be explained.- Never confuse a hunch with a hope.On the Occult:- If astrology worked, all astrologers would be rich.- A superstition need not be exorcised. It can be enjoyed, provided it is kept in its place.On Optimism & Pessimism:- Optimism means expecting the best, but confidence mean knowing how you will handle the worst. Never make a move if you are merely optimistic.On Consensus:- Disregard the majority opinion. It is probably wrong.- Never follow speculative fads. Often, the best time to buy something is when nobody else wants it.On Stubbornness:- If it doesn’t pay off the first time, forget it.- Never try to save a bad investment by "averaging down".On Planning:- Long-range plans engender the dangerous belief that the future is under control. It is important never to take your own long-range plans or other people’s seriously. In essence these axioms point to the benefit of having an investment strategy and sticking to it, regardless of what other investors say or do. If you don’t have an investment strategy, you could do worse than adopt these principles. However, don’t be afraid to add or subtract ones according to what works for you.1. Sell the Losers and Let the Winners Run2. Make Winners Win Big3. Losers Demand Careful Strategy4. It Is Better to Average Up Than to Average Down5. Good Companies Buy Their Own Stock6. Price Doubling Is Easy at Low Prices7. Look for Insider Trading8. Buy Low, Sell High9. Buy High, Sell Higher10. Buy on the Rumour, Sell on the News11. Sell High, Buy Low12. The Perfect Hedge Is Short against the Box13. Never Short a Dull Market14. Never Short the Trend15. Never Buy a Stock Because It Has a Low Price16. Beware the 'Penny Stock'17. Give Stop Orders Wiggle Room18. Buy the Stock That Splits19. Instit unions Show Where the Action Is Now20. Avoid Heavy Positions in Thinly Traded Stocks21. There Are at Least Two Sides to a Story22. Follow a Few Stocks Well23. Be Wary of Stock Ideas from a Neighbour24. Get Information before You Invest, Not After25. Never Fight the Tape26. Heavy Volume, the Price Rises - Light Volume, the Price Falls27. Buy on Weakness, Sell on Strength28. It Is Best to Trade 'At the Market'29. Understand the Types of Orders30. Order Modifications Might Cause Decay31. Remember That Others Might Have the Same Idea32. Use Limit Orders as Insurance33. Vales can be Found Bottom Fishing34. Heavily Margind, Heavily Watched35. Winners keep on Winning36. Indicators Can Meet Overriding Factors37. Take a Loss Quickly38. Beware The Triple Witching Hour39. Buy on Monday, Sell on Friday40. Never get Married to the Stock41. Diversification Is the Key to Portfolio Management42. Partial Liquidation Might Be the Answer43. Act Quickly, Study at Leisure44. Records Can Make Money45. Fraud is UnpredictablePosted by PENNYSHAREFORTUNE at 5:46 PM