Famous quotes from the greatest traders of all time, Ed Seykota

Today we continue our series of learning from the best traders with their top 5 quotes. The greatest trader we focus on this week is Ed Seykota. According to Jack Schwagers Market Wizards, he increased one client’s account from $5,000 to $15,000,000 in just 12 years.

Quote 1: “In order of importance to me are: 1) the long term trend, 2) the current chart pattern, and 3) picking a good spot to buy or sell.”

Quote 2: “The key to long-term survival and prosperity has a lot to do with the money management techniques incorporated into the technical system.”

Quote 3: “Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.”

Quote 4: “Trying to trade during a losing streak is emotionally devastating. Trying to play “catch up” is lethal.”

Quote 5: “The elements of good trading are (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.”