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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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Ed Seykota
Age: 78
Born: 1946
Born: August 7
Scientist
Trader
Edward Arthur Seykota
Order
Dont
Littles
Catch
Able
Physics
Charting
Little
Happenings
Resonance
Right
Wave
Dynamics
Good
Drive
Fluid
Time
Happening
Surfing
Like
Sense
Tides

More quotes by 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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Trend following is an exercise in observing and responding to the ever-present moment of now
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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.
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Longevity is the key to success.
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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.
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Good traders trade. Good letter writers write letters.
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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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.
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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.
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The trend is your friend except at the end where it bends.
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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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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To avoid whipsaw losses, stop trading.
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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If you can't measure it, you probably can't manage it Things you measure tend to improve.
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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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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Systems don't need to be changed. The trick is for a trader to develop a system with which he is compatible.
Ed Seykota