Quote by Salomon

[Daver421]

In the book "Bloomberg by Bloomberg" William R. Salomon is quoted as saying "Do the trade today. Figure out how to make it profitable tomorrow."
How do you guys feel about that? Is that quote misleading?

[novice]

As far as I know Bloomberg is a news service not a trading firm?

[Daver421]

Yeah. This book is Michael Bloomberg's autobiography he was describing the time he spent working at Salomon Brothers before starting Bloomberg. That was what he said William Salomon used to tell the traders.

[novice]

I did not know that. Plus he is now in charge of N.Y. !!!!

William Salomon I guess is the man behind Salomon Smith Barney Citigroup etc or what ever they call themselves these days. I think I would tend to agree with certain qualification. Once you know what you are doing (for example have a trading approach that has worked for many years) as long as you stick to that approach you are probally better of "trading today" "thinking about it tommorow". That way you would remove a lot of the emotion out while leaving the intellect in as long as you stick to your plan.

[flmike]

You forget he was working for a brokerage at the time.
He wasn't talking about investing his money he was talking
about trading clients money turning commissions for
the company.

If the trade was aloser they would justify it later.

[novice]

Well that makes much more sense.

[Daver421]

True. I guess I didn't think abou that.