The Daily Speculations website of Victor Niederhoffer and Laurel Kenner (dailyspeculations.com), with contributions by many other individuals, always contains interesting and challenging postings, many but not all of which are related to investing. The following is excerpted from a January 4th posting by Dr. Janice Dorn:
"In the actual trading of the markets, there is no place for faith, hope or love. Markets are not entirely rational and not entirely random. They hold out hope and dash it. They hold out faith and dash it. One can fall in love with the idea of trading until your real money in on the line. Then, the mean markets show themselves and love turns to fear and loathing. Certainly, one can use the concept of empathy to understand the motivation of the herd to profit in the markets. The herd needs empathy because, for the most part, the herd loses.
The markets are neither friendly nor loving. This is a game where some 60 million people compete everyday to take your money before you take theirs. If love is truly a battlefield, there is no better place to find the battle than in the markets.
The markets demand humility, they demand gratitude, they demand that one approaches each day as a loser.
I challenge anyone who actively trades these markets every day to tell me that they are not a demanding mistress, that they are not there to take as much money from as many people as possible or that they are loving and kind."
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