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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
Enough
Role
Even
Smart
People
Lucky
Roles
Trading
Success
Smarter
Born
Plays
Others
Enormous
Play
Luck

More quotes by 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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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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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
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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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Trying to trade during a losing streak is emotionally devastating. Trying to play 'catch up' is lethal.
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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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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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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Good traders trade. Good letter writers write letters.
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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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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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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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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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
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The trend is your friend except at the end where it bends.
Ed Seykota
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Longevity is the key to success.
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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To avoid whipsaw losses, stop trading.
Ed Seykota
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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