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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

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Ed Seykota
Age: 78
Born: 1946
Born: August 7
Scientist
Trader
Edward Arthur Seykota
Kind
Always
Things
Definition
Would
Definitions
Add
Consider
Follow
System

More quotes by 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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Working to anticipate the future can be a distraction from the important task of dealing with the present.
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.
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Longevity is the key to success.
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Good traders trade. Good letter writers write letters.
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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.
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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.
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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.
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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.
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If you can't take a small loss, sooner or later you will take the mother of all losses.
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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.
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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.
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The trend is your friend except at the end where it bends.
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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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Psychology motivates the quality of analysis and puts it to use. Psychology is the driver and analysis is the road map.
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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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Trying to trade during a losing streak is emotionally devastating. Trying to play 'catch up' is lethal.
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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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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To avoid whipsaw losses, stop trading.
Ed Seykota