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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

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Ed Seykota
Age: 78
Born: 1946
Born: August 7
Scientist
Trader
Edward Arthur Seykota
Success
Smarter
Born
Plays
Others
Enormous
Play
Luck
Enough
Role
Even
Smart
People
Lucky
Roles
Trading

More quotes by Ed Seykota

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To avoid whipsaw losses, stop trading.
Ed Seykota
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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
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Systems don't need to be changed. The trick is for a trader to develop a system with which he is compatible.
Ed Seykota
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If you can't take a small loss, sooner or later you will take the mother of all losses.
Ed Seykota
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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
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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
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I turn bullish at the instant my buy stop is hit, and stay bullish until my sell stop is hit.
Ed Seykota
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Trying to trade during a losing streak is emotionally devastating. Trying to play 'catch up' is lethal.
Ed Seykota
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If you can't measure it, you probably can't manage it Things you measure tend to improve.
Ed Seykota
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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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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
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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
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Pyramiding instructions appear on dollar bills. Add smaller and smaller amounts on the way up. Keep your eye open at the top.
Ed Seykota
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Working to anticipate the future can be a distraction from the important task of dealing with the present.
Ed Seykota
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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
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Trend following is an exercise in observing and responding to the ever-present moment of now
Ed Seykota
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Good traders trade. Good letter writers write letters.
Ed Seykota
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Longevity is the key to success.
Ed Seykota
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Psychology motivates the quality of analysis and puts it to use. Psychology is the driver and analysis is the road map.
Ed Seykota
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The trend is your friend except at the end where it bends.
Ed Seykota