The Trader
The symbol of all relationships among such men, the moral symbol of respect for human beings, is the trader. We, who live by values, not by loot, are traders, both in manner and spirit. A trader is a man who earns what he gets and does not give or take the undeserved. A trader does not ask to be paid for his failure, he does not ask to be loved for his flaws. A trader does not squander his body as fodder, or his soul as alms. Just as he does not give his work except in trade for material values, so he does not give the values of his spirit -- his love, his friendship, his esteem – except in payment and in trade for human virtue, in payment for his own selfish pleasure, which he receives from men he can respect. The mystic parasites who have, throughout the ages, reviled the trader and held him in contempt, while honoring beggars and looters, have known the secret motive of their sneers: a trader is an entity they dread - a man of justice.
--Ayn Rand
Decision making
“Psychologists have known for a long time that people often act in a seemingly irrational manner and make predictable errors when forecasting. This behavior is harmless when it causes a zest for the home sports team. Being overly optimistic when rooting for you team is fun. However, when this behavior affects your investing decisions, it can cause you to make small mistakes that lower your return or make big blunders that devastate your wealth.”
John Nofsinger
INVESTMENT BLUNDERS of the Rich and Famous:
…and What You Can Learn from Them
Risk
Masai: The trader is like a Masai Warrior who each day must “face the knife” and hunt the lion with only spear and bare hands. His success will come from relying on his own wits and instincts at the moment of truth, embracing risk as his ally to achieve the desired outcome.
Robert Koppel
The Tao of Trading
Technical Trading
The question for the trader is whether it really is possible to divorce the longer- term goal of profitable trading from the potentially traumatic short-term effects of incurring losses. The answer lies in the making of two specific commitments. The first is the commitment to use a technical trading system which provides automatic entry and exit criteria and which incorporates money management principles….The second commitment is the adoption of an attitude toward oneself which is supportive of trading.
Tony Plummer
The Psychology of Technical Analysis
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