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Trading related one-liners
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Trading related one-liners

  #101 (permalink)
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A fool learns from his own mistakes. A wise man learns from the mistakes of others.

Or more simply:

Let the other guy make mistakes and learn.

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  #102 (permalink)
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I first heard this one from a broker and trader in the CBOT bond pit who later became Bruce Kovner's head fixed income trader:

"Eat like a bird, shit like an elephant."

Obviously, this is not advice, it is something to be avoided, but it does describe a reality for many traders. It has always been true for me.

"You don't need a weatherman to know which way the wind blows..."

Last edited by jstnbrg; February 7th, 2011 at 12:58 AM. Reason: It wasn't Bob Laser and I can't remember the guy's name.
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  #103 (permalink)
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jstnbrg View Post
I first heard this one from Bob Laser, at the time a broker and trader in the CBOT bond pit and later Bruce Kovner's head fixed income trader:

"Eat like a bird, shit like an elephant."

Obviously, this is not advice, it is something to be avoided, but it does describe a reality for many traders. It has always been true for me.

This has at least a couple meanings. I guess you're saying to not take small profits and not take large losses????

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  #104 (permalink)
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stephenszpak View Post
This has at least a couple meanings. I guess you're saying to not take small profits and not take large losses????

No, it's just a rueful expression that accurately depicts life in the pits. You have a ton of small profitable trades or days and a few awful ones. It's not advice, it's more like swearing.

"You don't need a weatherman to know which way the wind blows..."
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  #105 (permalink)
Market Wizard
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Better trades down the road.

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  #106 (permalink)
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"The market goes to the orders."

This comes from the pits. It means that large resting orders have a tendency to be filled.

"You don't need a weatherman to know which way the wind blows..."
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  #107 (permalink)
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Backtesting is a myth, it's forward testing what we need to do

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  #108 (permalink)
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Insanity: doing the same thing over and over again and expecting different results. -Albert Einstein

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  #109 (permalink)
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Money talks and bullshit walks

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  #110 (permalink)
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I Don't Sell--People Buy from Me

(one of the chapter titles from the book)
The Battle for Investment Survival
by G.M. Loeb

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