Trading Systems

"Trading is a little like morality in that it's a lot easier to know what you should do than to do it"
- William Eckhardt

The Babe Ruth of the CBOT

“You have to love to lose money and hate to make money to be successful…It’s against human nature what I teach and practice.  You have to overcome your humanness.”

-Everett Klipp

Turf Betting

“Few players take into consideration the principle of ever-changing cycles of results. The would-be professional player must always understand that the form moves away from the public’s knowledge.”
-Robert L. Bacon, Secrets of Professional Turf Betting

 

J W H

"Conventional capital market theory is based on a linear view of the world, one in which investors have rational expecations; they adjust immediately to information about the markets and behave as if they know precisely how the structure of the economy works.  Markets are highly efficient, but not perfectly so.  Inefficiencies are inherent in the economy or in the structure of markets themselves...We believe inefficiencies in markets can be exploited through a combination of trend detection and risk management."

John W. Henry

Perceptions and Beliefs

"Because you grasp labels and slogans,
You are hindered by those labels and slogans,
Both those used in ordinary life and those
Considered sacred.
Thus they obstruct your perception of objective truth,
And you cannot understand clearly."

Desert

 "One cannot fight the desert and live. One lives with it, or one dies. One learns its ways and its life, and moves with care, and never ceases to be wary, for the desert has traps and tricks for the careless."

-Hondo

Musical Chairs

"In this game of musical market chairs, the largest traders control the pause button.  They wait for the other players to bunch together; then they grab a seat just as they stop the music.  Much of the intraday movement of the market is attributable to precisely this bunching and its exploitation by large traders. "

-Brett N. Steenbarger