Top 41 Seykota Quotes
#1. Luck plays an enormous role in trading success. Some people were lucky enough to be born smart, while others were even smarter and got born lucky.
Ed Seykota
#2. It can be very expensive to try to convince the markets you are right
Ed Seykota
#3. I think that if people look deeply enough into their trading patterns, they find that, on balance, including all their goals, they are really getting what they want, even though they may not understand it or want to admit it.
Ed Seykota
#4. Trying to trade during a losing streak is emotionally devastating. Trying to play 'catch up' is lethal.
Ed Seykota
#5. Trend following is an exercise in observing and responding to the ever-present moment of now
Ed Seykota
#6. Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.
Ed Seykota
#7. Dramatic and emotional trading experiences tend to be negative. Pride is a great banana peel, as are hope, fear, and greed. My biggest slip-ups occurred shortly after I got emotionally involved with positions.
Ed Seykota
#8. Losing a position is aggravating, whereas losing your nerve is devastating.
Ed Seykota
#9. Psychology motivates the quality of analysis and puts it to use. Psychology is the driver and analysis is the road map.
Ed Seykota
#10. The elements of good trading are: 1, cutting losses. 2, cutting losses. And 3, cutting losses. If you can follow these three rules, you may have a chance.
Ed Seykota
#11. Fortune tellers live in the future. So do people who want to put things off.
So do fundamentalists.
Ed Seykota
#12. It is a happy circumstance that when nature gives us true burning desires, she also gives us the means to satisfy them. Those who want to win and lack skill can get someone with skill to help them.
Ed Seykota
#13. The trend is your friend except at the end where it bends
Ed Seykota
#14. Systems don't need to be changed. The trick is for a trader to develop a system with which he is compatible.
Ed Seykota
#15. Be sensitive to subtle differences between 'intuition' and 'into wishing'.
Ed Seykota
#16. To avoid whipsaw losses, stop trading.
Ed Seykota
#17. The key to long-term survival and prosperity has a lot to do with the money management techniques incorporated into the technical system.
Ed Seykota
#18. The biggest secret about success is that there isn't any big secret about it, or if there is, then it's a secret from me, too. The idea of searching for some secret for trading success misses the point.
Ed Seykota
#19. Pyramiding instructions appear on dollar bills. Add smaller and smaller amounts on the way up. Keep your eye open at the top.
Ed Seykota
#20. I would add that I consider myself and how I do things as a kind of system which, by definition, I always follow.
Ed Seykota
#21. If you can't take a small loss, sooner or later you will take the mother of all losses.
Ed Seykota
#22. I turn bullish at the instant my buy stop is hit, and stay bullish until my sell stop is hit.
Ed Seykota
#23. In order of importance to me are: 1) the long term trend, 2) the current chart pattern, and 3)picking a good spot to buy or sell.
Ed Seykota
#24. It's all about sticking to your plan and experiencing feelings as they arise. If you are unwilling to feel your feelings, the temptation is to avoid them by jumping off your system
Ed Seykota
#25. Charting is a little like surfing. You dont have to know a lot about the physics of tides, resonance, and fluid dynamics in order to catch a good wave. You just have to be able to sense when its happening and then have the drive to act at the right time.
Ed Seykota
#26. My style is basically trend following, with some special pattern recognition and money management algorithms.
Ed Seykota
#27. If you want to know everything about the market, go to the beach. Push and pull your hands with the waves. Some are bigger waves, some are smaller. But if you try to push the wave out when it's coming in, it'll never happen. The market is always right.
Ed Seykota
#28. A lot of people would rather understand the market than make money
Ed Seykota
#29. If you can't measure it, you probably can't manage it Things you measure tend to improve.
Ed Seykota
#30. Working to anticipate the future can be a distraction from the important task of dealing with the present.
Ed Seykota
#31. There are old traders and there are bold traders, but there are very few old, bold traders.
Ed Seykota
#32. Trends become more apparent as you step further away from the chart.
Ed Seykota
#33. Good traders trade. Good letter writers write letters.
Ed Seykota
#34. Everybody gets what they want out of the market
Ed Seykota
#35. The trading rules I live by are: 1. Cut losses. 2. Ride winners. 3. Keep bets small. 4. Follow the rules without question. 5. Know when to break the rules.
Ed Seykota
#36. Fundamentals that you read about are typically useless as the market has already discounted the price, and I call them "funny-mentals". However, if you catch on early, before others believe, you might have valuable "surprise-a-mentals".
Ed Seykota
#37. Traders and Surfers both have to deal with feelings of missing out on the small ones, until the big one comes along. They also have to deal with feelings of staying with the big one.
Ed Seykota
#38. A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform himself. That's the kind of thing winning traders do.
Ed Seykota
#39. The markets are the same now as they were five or ten years ago because they keep changing-just like they did then
Ed Seykota
#41. Risk no more that you can afford to lose, and also risk enough so that a win is meaningful.
Ed Seykota
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