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<li class="li1"><div class="de1">25. He who knows when he can trade and when he
cannot will be profitable.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">26. He who understands how to use both high and
low leverage will be profitable.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">27. He whose analysis and emotions are united i
n purpose will be profitable.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">28. He who is prudent and lies in wait for a th
e right opportunity will be profitable.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">29. He whose self is able and not interfered wi
th by outside forces will be profitable.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">30. It is in these five matters that the way to
profit is known.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">31. Therefore I say: 'Know the market and know
your self; in a hundred trades you will never lose.'</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">32. When you are ignorant of the market but kno
w yourself, your chances of winning or losing are equal.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">33. If ignorant of the market and of yourself,
you are certain in every trade to lose profit.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1"> </div></li>
<li class="li2"><div class="de2">Chapter 4</div></li>
<li class="li1"><div class="de1">Dispositions</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">1. Anciently the skillful traders first made th
emselves 'invincible' and awaited the markets moment of opportunity.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">2. 'Invincibility' depends on one's self; the m
arket's vulnerability on him.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">3. It follows that those skilled in trade can m
ake themselves invincible, but cannot cause the market to present a certainly pr
ofitable opportunity.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">4. Therefore it is said one may know how to pro
fit, but cannot necessarily do so.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">5. Invincibility lies in the defense against eg
o; the possibility of profit in your strategy.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">6. One defends his profit when his strengths ar
e low; he attacks the market when his strengths are abundant.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">7. The experts in defense of their profit consi
der it fundamental to rely on the strength of being in a stable market; those sk
illed in capturing profit consider it fundamental to rely on the time and the ad
vantages of being in a volatile market. Thus they are capable of both protecting
their money and of gaining a complete profit.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">8. To foresee a profitable opportunity that the
ordinary man can foresee is not the acme of skill.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">9. To triumph in a drawn out trade and be unive
rsally acclaimed 'Expert' is not the acme of skill, for to lift a rabbits' down
requires no great strength; to distinguish between the sun and moon is no test o
f vision; to hear the thunderclap is no indication of acute hearing, and to win
a hard-fought profit or to profit by luck is no mark of skill.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">10. Anciently those skilled in trade conquered
a 'market easily conquered'</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">11. And therefore the profits won by a master o
f trade gain him neither reputation for wisdom nor merit for valor.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">12. For he wins his profits without erring. 'Wi
thout erring' means that whatever he does insures his profit; he conquers a mark
et already profitable.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">13. Therefore the skillful trader takes up a po
sition in which he cannot lose money and misses no opportunity to master himself
.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">14. Thus a profitable trader wins their profit
before entering the trade; a trader destined to defeat trades in the hope of pro
fit.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">15. Those skilled in trade cultivate their own
humanity and justice and maintain their personal laws and institutions and are t
herefore able to formulate profitable trades.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">16. Now the elements of the art of trade are: f
irst, measurement of markets; second, estimation of quantities, third, calculati
ons; fourth, comparisons; and fifth chances of profit.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">17. Measurements are derived from the terrain o
f the market.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">18. Quantities derive from measurements, figure
s from quantities, comparisons from figures, and profit from comparisons</div></
li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">19. Thus a profitable trader is as a hundredwei
ght balanced against a grain; an unprofitable trader as a grain balanced against
a hundredweight.</div></li>
<li class="li2"><div class="de2"> </div></li>
<li class="li1"><div class="de1">20. It is because of dispositions that a profit
able trader is able to make his profit increase with the effect of pent-up water
s which, suddenly released, plunge into a bottomless abyss.</div></li>
</ol></div>
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_code" onkeydown="return catchTab(this,event)">The Art of Trade (Paraphrased fro
m the Art of War)
By Scamcoins Tzu
Chapter 3
Offensive Strategy
1. Generally in trading the best policy is to keep your profit intact; to ruin i
t is inferior to this.
2. To capture profit is better than to destroy it; to take intact a small profit
or minor loss is better than to destroy all your profits.
3. For to win one hundred profits in one hundred trades is not the acme of skill
. To subdue your profits without stress is the acme of skill.
4. Thus what is of extreme importance in trading is to attack your strategy. He
who excels at resolving difficulties does so before they arise. He who excels at
capturing his profits triumphs before losses materialize.
5. Next best is to disrupt your ego's alliances. Do not allow your ego to build.
6. The next best is to practice the market. He who struggles for profit with ine
xperience is not a good general. Sharpen your skills to gain the profit.
7. The worst policy is to trade when your strategy is weak and your ego is stron
g. Do so only where there is no alternative.
8. To prepare the stop-losses and make ready the trade entry point and exit requ
ires at least three minutes/hours/day/weeks/months/years; to pile up your trades
against this analysis requires an additional three minutes/hours/days/weeks/mon
ths/years.
9. If the trader is unable to control his impatience and places his orders like
ants swarming up a wall, one-third of his profits will be lost without taking th
e profitable trade. Such is the calamity of these trades.
10. Thus those skilled in trade subdue their profit without battle. They capture
profits without stress, and control their ego without protracted operations. Th
ey conquer by strategy.
11. Your aim must be to keep absolutely ALL of your profits intact. Thus your em
otions and time are not strained and your profit is complete. This is the art of
offensive trade strategy.
12. Consequently, the art of using margin is this: when the emotional and analyt
ical odds are ten to one, use the highest leverage.
13. When five to one, moderate leverage.
14. When two to one, low leverage.
15. If equally matched you may engage the market with no leverage.
16. If the emotional and analytical odds are against you, be capable of withdraw
.
17. And if in all respects unequal, be capable of avoiding the market, for a sma
ll force is but booty for a more powerful one.
18. Now the trader is the protector of his profits. If this protection is all-em
bracing, the profits will surely be strong; if defective, the profits will certa
inly be weak.
19. Now there are three ways a trader can bring misfortune upon himself:
20. When ignorant that you should not enter in a trade, to enter a trade, or ign
orant that you should not close a trade, to close a trade. This is described as
'hobbling your profits'
21. When ignorant of market affairs, to participate in their operation. This cau
ses the trader to be perplexed.
22. When ignorant of ego problems to actively observe the operation of the marke
t. This engenders doubt in the mind of the trader.
23. If the trader is confused and suspicious, neighboring traders will cause tro
uble. This is what is meant by saying: 'A confused trader leads to another's pro
fit."
24. Now there are five circumstances in which profit may be predicted:
25. He who knows when he can trade and when he cannot will be profitable.
26. He who understands how to use both high and low leverage will be profitable.
27. He whose analysis and emotions are united in purpose will be profitable.
28. He who is prudent and lies in wait for a the right opportunity will be profi
table.
29. He whose self is able and not interfered with by outside forces will be prof
itable.
30. It is in these five matters that the way to profit is known.
31. Therefore I say: 'Know the market and know your self; in a hundred trades yo
u will never lose.'
32. When you are ignorant of the market but know yourself, your chances of winni
ng or losing are equal.
33. If ignorant of the market and of yourself, you are certain in every trade to
lose profit.
Chapter 4
Dispositions
1. Anciently the skillful traders first made themselves 'invincible' and awaited
the markets moment of opportunity.
2. 'Invincibility' depends on one's self; the market's vulnerability on him.
3. It follows that those skilled in trade can make themselves invincible, but ca
nnot cause the market to present a certainly profitable opportunity.
4. Therefore it is said one may know how to profit, but cannot necessarily do so
.
5. Invincibility lies in the defense against ego; the possibility of profit in y
our strategy.
6. One defends his profit when his strengths are low; he attacks the market when
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