Friday, 11 March 2011

Quotation of the week: (Don’t Hold Your Breath!)

First a quick reminder of what the ‘Quotation of The Week’ award is all about:

The idea is simple: Every time I find a quotation that I think will add real value for my readers, I will bookmark it and put it on my list to be the: Quotation of the Week.

I will then write a post similar to this one explaining why I have decided on that particular weeks Quotation.

I will also link to the quotation from my Quotation of the week icon situated near the top of my side bar
My Quotation of the week award will be posted every Friday.

For a full list of previous winners visit my ‘Quotation of The Week’ Page.

This week’s  winner of my  ‘Quotation of the week award is:

  You can't make money if you are unwilling to lose...its like willing to breathe in but not willing to breathe out!

Ed Seykota.   

Financial trader Ed Seykota turned $5,000 into $15,000,000 over a 12 year time period in his model account – (an actual client account). He was self-taught, What makes him especially unique is his continual self-examination and commitment to studying the psychological components of trading while also helping other traders achieve their potential

To me Ed Seykota  is a lot like Warren Buffett, in that they both have that knack of noticing and stating the obvious that for some strange reason seems to have eluded the rest of us mere mortals!

This quotation has a particularly powerful message for me, in that for a large part of my sports speculating apprenticeship, not being able to take a loss was the biggest issue I wrestled with, and I am sure that it affects a large proportion of sports speculators to some degree or other.

I believe that if you cannot master the art of losing then you may as well take up another interest because unless you can take a loss you will be destined to lose over the long term.

Finally this post has given me another excuse to post one of my favourite Youtube clips of Ed and his band (All very successful financial traders) singing the wipsaw song which itself contains a few very powerful rules for trading.  

I hope you enjoyed this post

Stay patient

1 comment:

  1. Yes Mark,psychology is a very important and overlooked component of successful betting.

    Reminds me of a statement made by Clive Holt of Fineform fame way back in 1993 which I always try to keep to the front of my mind whilst enduring a losing run:

    ''You have to get used to losing,otherwise you'll never win''.


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