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Jack D. Schwager • Unknown Market Wizards: The best traders you've never heard of
charts will give you the idea of the path of least resistance, but charts do not forecast. There is a danger when people start thinking of charts in terms of forecasting. Charts are wonderful in finding specific spots for asymmetric risk/reward trades. That’s it. I am focused on the probability of being able to get out of the trade at breakeven or
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Tanner Hoke • Let there be flow - Tanner Hoke
In 1938, John Burr Williams published a book called The Theory of Investment Value, a seminal articulation of the usefulness
Michael J. Mauboussin • Expectations Investing: Reading Stock Prices for Better Returns, Revised and Updated (Heilbrunn Center for Graham & Dodd Investing Series)
But you said he was a mentor. So what did you learn from him? Risk management. While he was buying into weakness, he wouldn’t just put on a full position and hold it. He would probe the market for a low. He would get out of any trade that had a loss at the end of the week and then try again the next time he thought the timing was right. He kept pro
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was his opinion that professional investors prefer to devote their energies not to estimating intrinsic values, but rather to analyzing how the crowd of investors is likely to behave in the future and how during periods of optimism they tend to build their hopes into castles in the air. The
Burton G. Malkiel • A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing (Twelfth Edition)
It didn’t necessarily matter how little the Turtles lost on any individual trade, but they needed to know how much they could lose in their whole portfolio. Eckhardt was clear: “The important thing is to limit portfolio risk. The trades will take care of themselves.
Michael W. Covel • The Complete TurtleTrader: How 23 Novice Investors Became Overnight Millionaires
The message is that mood or investor psychology is as important to markets as is information. It requires tremendous discipline to apply this understanding to one’s behavior.