Thought of the Day…

” There is no shortage of brains or complexity of investment ideas on Wall Street; but adherence to a discipline is one of the Street’s rarest and most undervalued commodities. Discipline tends to minimize the largest mistakes made, which are those associated with trades done in the presence of emotion. Having a process or clearly defined discipline helps guide behavior when emotions are most likely to influence decisions, and creates boundaries within which one should operate. A person’s IQ does not protect against emotion as sufficiently as discipline; and while that does not imply that serious traders and investors must adhere to a system in order to make money, a process that exploits personal advantage and avoids weakness will likely prove far more useful than assuming an information advantage. “

– Jeff deGraaf

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