Oct

28

 With all the market soaring again and panic out of the air for a time, it's good to gain equilibrium by turning to the endless store of 10,000 Wiswell proverbs he created for checkers, life, and markets at our weekly meetings over a 20 year period.

Here are some of my favorites from volume 5.

The Speed Artist

One thing you can be sure of, the faster you move, the sooner you'll lose.

Double Time Player

The real secret of patience is to continue thinking while it's your opponents move "tomorrow never comes"

If you want to become a good player, there is one thing that you must learn to do: you need to analyze the games before, during, and after the playing. Don't put it off till tomorrow.

A Cardinal Rule

A move once made can never be unmade.

Strength

The player with a strong double corner is double hard to corner.

Your Daily Prayer

Before every game say the following: "I can defend myself from my opponent but who will defend me from myself".

The Trading Game

Every exchange makes a fundamental difference in the character of your game. Therefore every trade should be made with great care regarding the new formation.

The Shadow

Some of your best moves were moves you never made and they saved you from many defeats. What you don't do is as important as what you do.

Jumping to Conclusions

If you jump to conclusions you can lose at checkers, chess, or commodities.

Stop Look and Learn

The player who hesitates is often saved Friend or Foe.

Having the opposition in chess is comparable to having the move in checkers (or having the swings in your favor in markets, or having one extreme after another make you money). Both can be very friendly and at times very unfriendly. Trust and verify.

Treasure Hunt

All the right moves are there on the board, waiting to be made. Your job is to find them.

anonymous writes: 

I've found with regard to waiting that when a market moves out of bounds of regular activity, wait until you are no longer eager to make the trade and then buy. The first impulse is too early many times. If one is early one lets the forces of capitulation out of their error too easily. The waterfall can last longer than one thinks. Eagerness is a killer.

Steve Ellison writes: 

I am guilty of such "one-way thinking" because I have difficulty finding situations in which the forward expectation for the S&P 500 is actually negative. I won't say that I have never found such a situation, but they are hard to come by.


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