’17 Thought of the Day

Morning Roundup: Downside Attracts

| 50Pips
“To succeed as a trader, one needs complete commitment… Those seeking shortcuts are doomed to failure.  And even if you do everything right, you should still expect to, lose money during the first five years…  These are cold, hard facts that many would-be traders prefer not to hear or believe, but ignoring them doesn’t change the reality.”
– Mark D. Cook
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Morning Roundup

| 50Pips
“The quieter you become, the more you can hear.”
– Baba Ram Dass
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Thought of the Day

| 50Pips
“Don’t count on Graham and Dodd to make you a fortune, everybody in the market knows the theory, ever wonder why fund managers can’t beat the S&P 500? ‘Cause they’re sheep and the sheep get slaughtered. I been in the business since ’69. Most of these high paid MBAs from Harvard never make it. You need a system, discipline, good people, no deal junkies, no toreadors, the deal flow burns most people out by 35. Give me PSHs: poor, smart and hungry. And no feelings. You don’t win ‘em all, you don’t love ‘em all, you keep on fighting and if you need a friend, get a dog, it’s trench warfare out there sport… “
– Gordon Gekko

Thought of the Day

| 50Pips
“Every second you spend thinking about someone else’s dreams you take time away from your own.”
– Yogi Ramen

Thought of the Day

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“Frankly, I don’t see markets; I see risks, rewards, and money.”
– Larry Hite

Thought of the Day

| 50Pips
“While there have been some spectacular front-cover traders, the ones who amass fortunes year after year tend to stay in the background. At the very least, they display a simple and down-to-earth approach to markets if they are ever interviewed.”
– Clifford Bennett

Thought of the Day

| 50Pips
“Of course, if a man is both wise and lucky, he will not make the same mistake twice. But he will make any one of the ten thousand brothers and cousins of the original. The Mistake family is so large that there is always one of them around when you want to see what you can do in the fool-play line.”
– Jesse Livermore

Thought of the Day

| 50Pips
“The most important warrior secret of all: Your level of success in the world of financial markets is entirely up to you and has nothing to do with what the markets are doing. There will always be bull markets and bear markets. The occurrence of good or bad luck, if luck exists at all, evens out over time. Great success and the attaining of warrior trader status come about as a result of commitment, a never-ending willingness to learn, steadfast determination, and that rare ingredient, a touch of humility. Throughout the ages, all great warriors have had these same characteristics.”
– Clifford Bennett

Thought of the Day

| 50Pips
“… the man who lived in a village and used to catch fish and sell them to the local factory,  then he increased his fleet of boats to many.  Then someone suggested he build his own processing factory so he did,  eventually he built many such factories.  Eventually, one of the big multi nationals bought him out and he retired.
One day his old and dear friend called him and asked him how he was keeping,  he said he was great,  his friend went on to inquire as how he was spending his free time.  He replied; I go fishing…”