“Hi Michael, I’m a trader in the Asian Markets and I’ve always been baffled at why many of my colleagues don’t seem to understand how markets work. I just read you book, Trend Following, and now I understand just a little bit why. I have a friend who just finished his CFA examinations recently and after discussing with him my actual trading experiences as well as the ideas in your book, he mentioned that given the way finance is taught nowadays, it’s very possible to pass the CFA examinations and not know the first thing about real, practical, and successful trading. By the way, I keep this quote from William Arthur Ward near my desk, and I think it perfectly captures the essence of trend following and trading. Best Regards, Doc”
“To laugh is to risk appearing a fool,
To weep is to risk appearing sentimental
To reach out to another is to risk involvement,
To expose feelings is to risk exposing your true self
To place your ideas and dreams before a crowd is to risk their loss
To love is to risk not being loved in return,
To hope is to risk despair,
To try is to risk to failure.
But risks must be taken because the greatest hazard in life is to risk nothing.
The person who risks nothing, does nothing, has nothing is nothing.
He may avoid suffering and sorrow,
But he cannot learn, feel, change, grow or live.
Chained by his servitude he is a slave who has forfeited all freedom.
Only a person who risks is free.
The pessimist complains about the wind;
The optimist expects it to change;
And the realist adjusts the sails.”
– William Arthur Ward