Observations on Markets and Trading

“On any given day or week, markets won’t make sense. Don’t expect them to and you won’t be confused.”  — Bill Fleckenstein, September 2011

“It’s easier to make up lost opportunities than lost capital.” — James Deporre and various unattributed traders

“I did precisely the wrong thing.  The cotton showed me a loss and I kept it.  The wheat showed me a profit and I sold it out.  Of all the speculative blunders there are few greater than trying to average a losing game.  Always sell what shows you a loss and keep what shows you a profit.”– Jesse Livermore, 1923

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