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Showing posts from August, 2016

Maximize Your Gains, Not Wins: William Eckhardt Interview

Maximize your trading gains, not the number of winning trades you might have. This is the advice of famed Chicago futures trader, William Eckhardt.


Now, if you're not familiar with Bill Eckhardt by name, perhaps you know him by reputation. With his friend and partner, Richard Dennis, the pair concocted the famous "Turtle Traders" experiment, in which an eclectic group of novices were taught to trade futures with a rules-based trend following system.

An excerpt from Dennis' Wikipedia page on the origins of the Turtle Trading program:

"Dennis believed that successful trading could be taught. To settle a debate on that point with William Eckhardt, a friend and fellow trader, Dennis recruited and trained 21 men and two women, in two groups, one from December 1983, and the other from December 1984. Dennis trained this group, known as Turtles, for only two weeks about a simple trend-following system, trading a range of commodities, currencies, and bond markets, buy…

Babe Ruth on Persistence: Keep Swinging Your Bat

"Every strike brings me closer to the next home run." - Babe Ruth.

Legendary slugger, Babe Ruth was not afraid to swing the bat and miss. He was focused on making big plays at the plate and scoring runs. With his towering home runs and overall batting prowess, Ruth helped lead the New York Yankees to 7 league championships and 4 World Series titles.

"Every strike brings me closer to the next home run." - Babe Ruth pic.twitter.com/wUuQOmf5GT — Finance Trends (@FinanceTrends) August 3, 2016Ruth seemed to view strikes, and even the odd strikeout (his home run to strikeout ratio was actually quite low), as a simple cost of doing business. Gains vs. losses.Like all great players, he knew that even the inevitable cold streaks and hitting slumps are a passing phase. Sooner or later, the swing would connect and the hits would flow once more.

You can't win 'em all, as we say in America. But you must step onto the playing field in order to take your shot. So get up to …