Mark Weinstein was featured in Jack Schwager’s book “The Market Wizards”. The Wizards books series contained a great deal of wisdom from successful traders.
Mark shared some interesting insights into his trading when quoted in the Wizards books series.
“I don’t try to figure out where the market is going before the action; I let the market tell me where it is going.”
One of the public’s biggest misconception about the markets: people always expect the market to react to news.
People are always saying that the market is down because of profit taking. The fact is, the market goes down not only on profit taking, but on a lot of loss taking as well.
– Always do your homework.
– Don’t be arrogant. The best traders are the most humble.
– Don’t trade until an opportunity presents itself.
Advice: you have to learn how to lose; it is more important than learning how to win. If you think you are always going to be a winner, when you lose, you will develop feelings of hostility and end up blaming the market instead of trying to learn why you lost. Limit losses quickly..
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts, commodity options or forex can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results. You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.