Michael Marcus Quotes Page 2
Best 36 Quotes by Michael Marcus – Page 2 of 2
“When the news is wonderful and a market can't go up, then you want to be sure to be short.”
“Whenever the market moves completely against my prediction, I will say: I was hoping to make a big profit on this volatility, but the market does not move as expected, so I will simply exit.”
“You develop an almost subconscious sense of the market on the floor. You learn to gauge price movement by the intensity of the voices in the ring. For example, when the market is active and moving, and then gets quiet, that is often a sign that it is not going to go much further. Also, sometimes when the ring is moderately loud and suddenly gets very loud, instead of being a sign that the market is ready to blast off, as you might think, it actually indicates that the market is running into a greater amount of opposing orders.”
“You have to consider whether the market has already discounted your idea. Always ask yourself: 'How many people are left to act on this particular idea?'. You can evaluate that by using the classic momentum-type indicators and observing market tone. How many days has the market been down or up in a row? What is the reading on the sentiment indexes?”
“You have to follow your own light. Because I have so many friends who are talented traders, I often have to remind myself that if I try to trade their way, or on their ideas, I am going to lose.”
“You must hold on to your good cards and quit your bad ones. If you cannot keep holding on to the good cards in your hand, how can you make up for the losses that bad cards cause? There are a lot of really good traders who end up giving up all their money because they are unwilling to stop trading when they lose money.”
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“This is why so many traders who experience long-term success display unusual intellectual curiosity.
They are driven, not just by money, but by the process of discovery.”