Tuesday, September 06, 2011

Dictums (applies to trading) from Sun Tzu's The Art of War

Summarized from Stanley Kroll's Dragons and Bulls book.

'to win without fighting is best.'

'If you know the enemy and know yourself, you need not Fear
the result of a hundred battles.'

'The general who wins a battle makes many calculations in his
temple before the battle is fought. The general who loses a battle
makes but few calculations beforehand. Thus, many calculations
lead to victory and few calculations lead to defeat.'

'The value of time — that is, being a little ahead of your
opponent — has counted for more than either numerical
superiority or the nicest calculations with regard to
commissariat. '

'When you capture spoils from the enemy, they must be used as
rewards, so that all your men must have a keen desire to fight,
each on his own account.'

'Plan for what is difficult while it is easy, do what is great while
it is still small. The most dilficult things in the world must be
done while they are still easy, the greatest things in the world
must be done while they are still small.'

'Strong action is training the body without being burdened by
the body, exercising the mind without being used by the mind,
working in the world without being affected by the world,
carrying out tasks without being obstructed by tasks.'

'Greed is a fundamental cause of defeat; it is the unemotional,
reserved, calm detached warrior who wins and not the ambitious
seeker of fortune.'

'Those who are skilled in combat do not become angered, those
who are skilled at winning do not become afraid. Thus the wise
win before they fight, while the ignorant fight to win.'

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"There is the plain fool who does the wrong thing at all times anywhere, but there is the Wall Street fool who thinks he must trade all the time."J Livermore Manchester City FCl Crude Palm Oil



From Dragons and Bulls by Stanley Kroll
Intro and Foreword
The Importance of an Investment Strategy
5 The Art of War, by Sun Tau (circa 506 BC) and The Art of Trading Success (circa AD 1994)
That's the way you want to bet/a>
Long-term v Short term trading
Technicals v Fundamentals
Perception v Reality
Part 1: Winners and Losers
Part 2: Winners and Losers
Sun Tzu: The Art of War
Those who tell don't know, those who know don't tell
Why there is no such thing as a "bad market"
The Secret to Trading Success
The Experts, do they know better?
Risk control and money management
Good advice
The 'good bets' business by Larry Hite
Don't lose your shirt
Ed Sykota's secret trend trading system