|Forum - Wall Street Pit
||Stock Due Diligence for All|
|From: DollarstoDonuts (Rep: 144)||Date: 10/01/2011 20:19|
|Forum: Wall Street Pit - Msg #2190722||Thread #673302629 (Rec: 0) |
|"This may seem harsh, but a recent study determined that traders were more ruthless than psychopaths"|
"What Martin proposes—and many top traders do just this—is learning to take losses. Ace Greenberg, the former head of Bear Stearns, is famous for his "sell discipline." He even had a rule at Bear Stearns that all losing stocks be sold by Friday's close. Why? Losses interfere with clear thought. Greenberg told his traders they could buy back the stock if they felt strongly. Mostly, they didn't."
Sooo guilty of this as a youngster..Put the EGO aside MANAGE risk...key to success imho.
Of all the things I came to realize over the years, I wish this had been clearer to me sooner !
"Noll and Scherrer determined that egocentricity of traders led not to higher returns, but rather to more risk"
True knowledge exists in knowing that you know nothing. -Socrates
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