dreamsofdefi

Class of 2017 alum, writer, occasional JPEG speculator

[dreamsofdefi @dreamsofdefi]

Had time to kill on a long train ride this weekend so took a highlighter to one of the most influential trading guides ever, @jackschwager’s Market Wizards.

Published almost 40 years ago and still holds up, here are some of my favourite quotes (standouts in bold):

“You absolutely want to put down a bet when a market acts terribly relative to everything else. When the news is wonderful and a market can’t go up, then you want to be sure to be short.” - Michael Marcus

“Don’t ever average losers. Decrease your trading volume when you are trading poorly; increase your volume when you are trading well… Get out of a losing position if it makes you feel uncomfortable, because you can always get back in.” - Paul Tudor Jones

“The most important rule of trading is to play great defense, not great offense.” - Paul Tudor Jones

“The most important thing is to have a method for staying with your winners and getting rid of your losers.” - Gary Bielfeldt

“Just as you wait for the percentage hand in poker, I have always tried to keep the concept of patience in mind by waiting for the right trade.” - Gary Bielfeldt

“The elements of good trading are: 1) cutting losses, 2) cutting losses, and 3) cutting losses.” - Ed Seykota

“Winning traders love to trade and love to win… Some people like to lose, so they win by losing money.” - Ed Seykota

“I don’t see markets; I see risks, rewards, and money.” - Larry Hite

“If you don’t bet, you can’t win. If you lose all your chips, you can’t bet.” - Larry Hite

“Good trading is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake. You need to believe in something, but at the same time, you are going to be wrong a considerable number of times.” - Michael Steinhardt

“There should be a respect for the person on the other side of the trade. Always ask yourself: Why does he want to sell? What does he know that I don’t? In my judgment, all great traders are seekers of truth.” - Michael Steinhardt

“Pick the leaders and avoid the laggards.” - William O’Neil

“By the time an asset’s outperformance is so obvious that almost all institutions own it, it is probably too late to buy.” - William O’Neil

“Top formations in the market averages occur in only one of two ways. First, the average moves up to a new high on low volume. Second, volume surges for several days, but there is very little upside price progress.” - William O’Neil

“If the leaders of the bull market start breaking down, that is a major sign that the market has topped.” - William O’Neil

“The more disciplined you can get, the better you are going to do in the market. The more you listen to tips and rumors, the more money you’re likely to lose.” - David Ryan

“Learn from your mistakes. That is the only way to become a successful trader.” - David Ryan

“I became a winner when I was able to separate my ego needs from making money. When I was able to accept being wrong.” - David Ryan

“By living the philosophy that my winners are always in front of me, it is not so painful to take a loss.” - David Ryan

“Before putting on a position, always ask, “Do I really want to have this position?”” - Marty Schwartz

“My biggest losses have always followed my largest profits.” - Marty Schwartz

“Traders lose money because they would rather lose money than admit they’re wrong.” - Marty Schwartz

“Learn to take losses. The most important thing in making money is not letting your losses get out of hand.” - Marty Schwartz

“I wait until there is money lying in the corner, and all I have to do is go over and pick it up. I do nothing in the meantime… You have to sit there until you find something.” - James B. Rogers, Jr.

“Just about every time you go against panic, you will be right if you can stick it out.” - James B. Rogers, Jr.

“Young guys just out of school making half a million dollars a year is not reality. Whenever you see that in a market, you are near a top.” - James B. Rogers, Jr.

“In every bull market, whether it is IBM or oats, the bulls always seem to come up with reasons why it must go on, and on, and on.” - James B. Rogers, Jr.

“Never, ever follow conventional wisdom in the market. You have to learn to go counter to the markets.” - James B. Rogers, Jr.

“The world is always changing. Be aware of change. Buy change.” - James B. Rogers, Jr.

“I have a real fear of the markets. The greatest traders are the ones who are most afraid. If my gut feel of market conditions is not right, I don’t trade.” - Mark Weinstein

“Although the cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch its prey… Only when there is no chance it can lose its prey does it attack. That, to me, is the epitome of professional trading.” - Mark Weinstein

“Trading is a matter of trying to avoid losses, but not being afraid of them. When you start being afraid to lose, you’re finished.” - Brian Gelber

“Clear thinking, ability to stay focused, and extreme discipline are the most important elements of good trading. Discipline is number one: Take a theory and stick with it.” - Brian Gelber

“Always respect the market. Never take anything for granted. Do your homework.” - Brian Gelber

“When people approach the markets, they bring their personal problems with them. The markets are a natural place to act out those problems, but not to solve them.” - Dr. Van K. Tharp

“Cut your losses short and let your profits run.” - Dr. Van K. Tharp

“Money is not important. It is OK to lose. Trading is a game. Mental rehearsal is important for success. The winners have won before they start.” - Dr. Van K. Tharp

[dreamsofdefi @dreamsofdefi]

@trevor_flipper just did for a second time

[dreamsofdefi @dreamsofdefi]

@get_optimum 👏

[dreamsofdefi @dreamsofdefi]

@JoshwaaaDixon ✈️👀

[JoshETH.eth 🏦 Chief Ethereum Capital Officer* @JoshwaaaDixon]

Aero launches tomorrow as Ethereum’s unified liquidity layer.

Two of the most successful liquidity protocols are merging into one.

This should meaningfully improve fragmentation across L2s and L1 — a concrete step toward a more unified Ethereum.

Very bullish on $AERO and $ETH.

I am ready.

[dreamsofdefi @dreamsofdefi]

@Sharplink 🤝

[dreamsofdefi @dreamsofdefi]

@corcoranwill 👏

[dreamsofdefi @dreamsofdefi]

@matman_xyz if you spotted this you’ll have an easier time spotting the next one

holding with conviction is the harder part

[dreamsofdefi @dreamsofdefi]

@ajwarner90 and multiple “credible” teams cosied up to them before they rugged

[dreamsofdefi @dreamsofdefi]

@AgentChud this and the iPod Classic was the 🐐 combo

[dreamsofdefi @dreamsofdefi]

@0xShual @cburniske pretty sure CB contributed to this move
https://t.co/KeYlyBzB4b

[Chris Burniske @cburniske]

Market seems to be waking up to the insane throughput of Fibre, one of the few architectures able to satisfy the mind-numbing scale of an agentic wave of demand.

[dreamsofdefi @dreamsofdefi]

@RailgunIntern i ain’t reading all that

i’m bullish @RAILGUN_Project tho

and long $RAIL

[dreamsofdefi @dreamsofdefi]

@Timccopeland although your passport doesn’t serve you that well, you should land with relative ease given your background + following. GL

[dreamsofdefi @dreamsofdefi]

@DeFi_Dad this individual sounds sharp

[dreamsofdefi @dreamsofdefi]

your irresponsible tweeting is ALARMING ⚠️

[dreamsofdefi @dreamsofdefi]

@deltaxbt likely bad reporting from @coinbureau

[dreamsofdefi @dreamsofdefi]

@davidzmorris skydiving and [redacted] are up there too

[dreamsofdefi @dreamsofdefi]

@jords bars, sadly

[dreamsofdefi @dreamsofdefi]

@_LetMeDo_ 👏

[dreamsofdefi @dreamsofdefi]

@hagaetc 🐊 > 🥊