Thought of the Day, shared by Sushil Kedia
From The Mathematics of Money Management: Risk Analysis Techniques for Traders by Ralph Vince, pp xv:
Cutting the fat out of the market requires more than an understanding of
money management concepts. It requires discipline to tolerate and endure
emotional pain to a level that 19 out of 20 people cannot bear. This you will
not learn in this book or any other. Anyone who claims to be intrigued by
the "intellectual challenge of the markets" is not a trader. The markets are
as intellectually challenging as a fistfight. In that light, the best advice I
know of is to always cover your chin and jab on the run. Whether you win or
lose, there are significant beatings along the way. But there is really very little
to the markets in the way of an intellectual challenge. Ultimately, trading
is an exercise in self-mastery and endurance.