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Updated August 29, 2021
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February 5th, 2011, 05:17 PM
Massachusetts (USA)
Experience: None
Platform: NinjaTrader
Trading: YM
Posts: 750 since Jun 2009
Thanks Given: 144
Thanks Received: 356
A fool learns from his own mistakes. A wise man learns from the mistakes of others.
Or more simply:
Let the other guy make mistakes and learn.
Can you help answer these questions from other members on NexusFi?
Best Threads (Most Thanked) in the last 7 days on NexusFi
February 6th, 2011, 02:59 PM
Chicago, Illinois
Experience: Advanced
Platform: Ninjatrader, TT, InvestorRT
Broker: Advantage Futures, Ninja/TT and InvestorRT/IQFeed.
Trading: Treasury futures
Posts: 312 since Nov 2010
Thanks Given: 194
Thanks Received: 912
I first heard this one from a broker and trader in the CBOT bond pit who later became Bruce Kovner's head fixed income trader:
"Eat like a bird, shit like an elephant."
Obviously, this is not advice, it is something to be avoided, but it does describe a reality for many traders. It has always been true for me.
"You don't need a weatherman to know which way the wind blows..."
February 6th, 2011, 04:49 PM
Massachusetts (USA)
Experience: None
Platform: NinjaTrader
Trading: YM
Posts: 750 since Jun 2009
Thanks Given: 144
Thanks Received: 356
jstnbrg
I first heard this one from Bob Laser, at the time a broker and trader in the
CBOT bond
pit and later Bruce Kovner's head fixed income trader:
"Eat like a bird, shit like an elephant."
Obviously, this is not advice, it is something to be avoided, but it does describe a reality for many traders. It has always been true for me.
This has at least a couple meanings. I guess you're saying to not take small profits and not take large losses????
February 7th, 2011, 01:01 AM
Chicago, Illinois
Experience: Advanced
Platform: Ninjatrader, TT, InvestorRT
Broker: Advantage Futures, Ninja/TT and InvestorRT/IQFeed.
Trading: Treasury futures
Posts: 312 since Nov 2010
Thanks Given: 194
Thanks Received: 912
stephenszpak
This has at least a couple meanings. I guess you're saying to not take small profits and not take large losses????
No, it's just a rueful expression that accurately depicts life in the pits. You have a ton of small profitable trades or days and a few awful ones. It's not advice, it's more like swearing.
"You don't need a weatherman to know which way the wind blows..."
February 7th, 2011, 01:40 AM
Las Vegas, NV
Legendary Market Wizard
Experience: Advanced
Platform: Abacus, Slide Rule, HP-65
Trading: Futures, Stocks, Options
Posts: 3,637 since Aug 2010
Thanks Given: 1,071
Thanks Received: 6,012
Better trades down the road.
February 7th, 2011, 04:11 PM
Chicago, Illinois
Experience: Advanced
Platform: Ninjatrader, TT, InvestorRT
Broker: Advantage Futures, Ninja/TT and InvestorRT/IQFeed.
Trading: Treasury futures
Posts: 312 since Nov 2010
Thanks Given: 194
Thanks Received: 912
"The market goes to the orders."
This comes from the pits. It means that large resting orders have a tendency to be filled.
"You don't need a weatherman to know which way the wind blows..."
February 8th, 2011, 05:05 PM
Posts: 1,055 since May 2010
Backtesting is a myth, it's forward testing what we need to do
February 10th, 2011, 12:54 PM
Netherlands
Experience: Advanced
Platform: none
Trading: Stocks
Posts: 195 since Sep 2010
Thanks Given: 117
Thanks Received: 358
Insanity: doing the same thing over and over again and expecting different results. -Albert Einstein
February 16th, 2011, 01:35 PM
Scarborough, Ontario
Experience: Intermediate
Platform: NinjaTrader, MetaTrader
Broker: Mirus/Zenfire
Trading: CL, EURUSD, 6E
Posts: 88 since Jul 2009
Thanks Given: 7
Thanks Received: 49
Money talks and bullshit walks
March 6th, 2011, 01:58 PM
Massachusetts (USA)
Experience: None
Platform: NinjaTrader
Trading: YM
Posts: 750 since Jun 2009
Thanks Given: 144
Thanks Received: 356
I Don't Sell--People Buy from Me
(one of the chapter titles from the book)
The Battle for Investment Survival
by G.M. Loeb
Last Updated on August 28, 2021