Notable Market Quotes

Here are some micellaneous quotes I've collected. Two traders in particular were so quoteable: WD Gann and Jessie Livermore they get their own page.

"For we know in part, and we prophesy in part"

1 Corinthians 13:9

"One common adage...that is completely wrongheaded is: You can't go broke taking profits. That's precisely how many traders do go broke. While amateurs go broke by taking large losses, professionals go broke by taking small profits."

William Eckhardt

"The basic concept that applies to both poker and trading is that the primary objects is not winning the most hands, but rather maximizing your gains."

Jeff Yass

"As humans we do not come equipped to deal with the variety of randomness that is around us every day. Many professions deal with making processes and things work reliably. We are taught to strive for perfection, for high scores in school and in sports. This can be a handicap to traders. There is no perfection in trading. Instead traders must put probability in their favor."

Larry Sanders

On shorting strong stocks...

Yes, that stock looks extended; and it is about to get a lot more extended.

- Greg Capra

On patience...

"I just wait until there is money lying in the corner and all I have to do is go over there and pick it up. I do nothing in the meantime. In essence, by not wanting to trade, I have inadvertently transformed myself into a master of patience. By forcing myself to wait until there was a trade that appeared so compelling that I could not stand the thought of not taking it, I had vastly improved the odds...."

- James Rodgers

On perseverance...

Nothing in this world can take the place of persistence. Talent will not; nothing is more common than unsuccessful people with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan 'press on' has solved and always will solve the problems of the human race.

-Calvin Coolidge

On discipline...

You must be rigid in your rules and flexible in your expectations. Most traders are flexible in their rules and rigid in their expectations.

Mark Douglas, Trading in the Zone.

"The way to build superior long-term returns is through preservation of capital and home runs...When you have tremendous conviction on a trade, you have to go for the jugular. It takes courage to be a pig."

Stanley Druckenmiller

"He who controls others may be more powerful, but he who has mastered himself is mightier still."

Lao Tse, Chinese Philosopher

"There is nothing in the universe but mathematical points of force"

Faraday

"God does indeed geometrize"

Emerson

"The real voyage of discovery consists not in making new landscapes but in having new eyes."

Marcel Proust

"Accept everything about yourself - I mean everything, You are you and that is the beginning and the end - no apologies, no regrets."

Clark Moustakas

"It is Beauty through which one proceeds to freedom"

Freidrich Schiller

God in his wisdom 
Made the fly 
And then forgot 
To tell us why


Ogden Nash

Abut nesting of cycles
Big fleas have little fleas 
Upon their back to bite 'em 
And little fleas have lesser fleas 
And so ad infinitum.


Unknown

"The path of prices is not a product of news. Its movement reflects a repetition of forms that is independent both of presumed causal events and of periodicity.

Frost and Prechter, Elliott Wave Principle: Key to Market Behavior

"The geometry that describes the shape of coastlines and the patterns of galaxies also elucidates how stock prices soar and plummet."

Benoit B. Mandelbrot

It was R.N. Elliott in 1938 who described the multifractal self-affinity of market patterns. It was a 1978 book, Elliott Wave Principle, that included among the implications of ElliottÂ’s discovery that it "challenges the Random Walk theory at every turn."

"I claim that variations in financial prices can be accounted for by a model derived from my work in fractal geometry."

Benoit B. Mandelbrot

"These new modeling techniques are designed to cast a light of order into the seemingly impenetrable thicket of the financial markets."

Benoit B. Mandelbrot

"My own work [contradicts modern portfolio theory and random walk]."

Benoit B. Mandelbrot