When you´re a market timer you need to be equally good at going short and going long. I´d made more in a month than I´d made in my entire lifetime. “HOLD” was as low as you went and a “HOLD” recommendation meant run, don´t walk to your broker and dump. Nobody on Wall Street ever made a “SELL” recommendation. Show me a great trader and I´ll show you someone who understands gambling. It is essential to know more than the other players in the game.ĭare to dream, It´s not where you are, it´s where you´re going that counts.ĭon´t beat yourself if you´ve got a plan thats working, stick to it. It takes me less than 10 minutes to read the (Wall Street) Journal. To be a winner you have to be willing to toe the line and pull the trigger. On Wall Street, when you tell your boss you´re leaving, they immediately seal all your files, check your briefcase, give you a rectal exam, and escort you to the door.īefore you can go out on your own, you have to master your ego and realize that being profitable is more important than being right. Successful businesspeople, whether they´re traders, investors, entrepreneurs, whatever, cannot let friendship or family relationships get in the way of making sound decisions about money. Hard work is the primary reason why I´ve become so successful, but hard work is just part of the equation. Maybe when it gets so bad that you want to puke, you probably should double your position. You´ll never know how good you really are until you´ve performed under fire. ![]() The most commonly asked question on Wall Street is “Where were you on October nineteenth? ![]() The marines teach you never to freeze under fire, either go forward or backward, don´t just sit there and get the crap kicked out of you. The most important change in my trading career occurred when I learned to divorce my ego from the trade. ![]() Trading must be addressed as a profession, because if you do not treat it as such, those who do will separate yourself from your money very quickly. I used fundamentals for 9 years and got rich as a technician. I love that! It´s such an arrogant, nonsensical response. I always laugh at people who say “I´ve never met a rich technician”.
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