Eckhardt

"If a betting game among a certain number of participants is played long enough, eventually one player will have all the money. If there is any skill involved, it will accelerate the process of concentrating all the stakes in a few hands. Something like this happens in the market. There is a persistent overall tendency for equity to flow from the many to the few. In the long run, the majority loses. The implication for the trader is that to win you have to act like the minority. If you bring normal human habits and tendencies to trading, you'll gravitate toward the majority and inevitably lose." 

-William Eckhardt

Great Waves

A novice monk approaches his teacher and asks, “Is this a bull market or a bear market?”
The teacher replies, “If it is a warm day, and I say that it is winter, will you still wear your heaviest coat?”

Strictly Success

“I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game-winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.”
—Michael Jordan

Renaissance

"Speculation comes in and destroys trends. I am a speculator. It accelerates the trend. It gets you closer to the truth faster."

-James Simons

Rigid in Rules, Flexible in Expectations

"We need to be rigid in our rules so that we gain a sense of self-trust that
can, and will always, protect us in an environment that has few, if any,
boundaries. We need to be flexible in our expectations so we can perceive,
with the greatest degree of clarity and objectivity, what the
market is communicating to us from its perspective.

At this point, it probably goes without saying that the typical trader does just the
opposite: He is flexible in his rules and rigid in his expectations.
Interestingly enough, the more rigid the expectation, the more he has
to either bend, violate, or break his rules in order to accommodate his
unwillingness to give up what he wants in favor of what the market is
offering."

- Mark Douglas