“Don’t be a dick for a tick”
“Don’t be a dick for a tick” is a financial adage meaning that one shouldn’t negate a trade (“be a dick”) by making it conditioned on something small (such as a “tick”). “Don’t be a dick for a tick” has been cited in print since 2006, when it was credited to David Gorton, one of the three founders of London Diversified Fund Management.
Google Books
Inside the House of Money:
Top Hedge Fund Traders on Profiting in the Global Markets
By Steven Drobny
Hoboken, NJ: John Wiley & Sons, Inc.
2006
Pg. ?:
What lesson did you learn from that trade?
Gorton: Don’t be a dick for a tick! I could have locked in a 97 basis point risk-free profit but instead I held out for 100 basis points.
Trading Markets
Analyzing market volume
September 8, 2006 By Brett Steenbarger
(...)
On the other hand, if you’re in a rush to get out of the market and think we’re going lower, you’re not going to play games and work an order to get an extra tick. “Don’t be a dick for a tick” is what you’ll tell yourself and you’ll take what the market gives you, unloading some of your holdings at the bid.
Financial News
London Diversified takes quiet approach to success
William Hutchings
09 Jul 2007
“Don’t be a dick for a tick” is a catchy but possibly surprising piece of advice to hear from a hedge fund manager. It is attributed in a book, Inside the House of Money, to David Gorton, one of the three founders of London Diversified Fund Management, and appears to underpin the $4.4bn hedge fund’s steady performance since 1995.
The Long Run Blog
Market Lore
August 24, 2008 - Posted by Jon Blumenfeld
Don’t be a dick for a tick – You don’t want to miss a trade for a tiny price difference.
Google Books
The Practical Guide to Wall Street:
Equities and Derivatives
By Matthew Tagliani
Hoboken, NJ: John Wiley & SOns, Inc.
2009
Pg. 113:
An analogous expression is the trader admonition “Don’t be a dick for a tick” which is a reminder to traders to keep perspective.
Coding the Markets
Don’t be a dick for a tick !
February 26, 2009
(...)
If he’d just paid the spread on the one year contract he could have had 97 out of the 100bps. But he went chasing the last 3 bps and got caught out. So don’t be a dick for a tick !
FuturesTechs Blog
Market Catchphrases – Courtesy of our Professional traders client base!
Posted on October 12, 2009 by admin
(...)
By far and away the one that came put top was (and I really hope this doesn’t offend anyone) “Don’t be a dick for a tick”. Clearly many of my clients have spent many a year working a 15 bid on something only for the market to trade down to 16 then set off on a stonking rally. It is one of the hardest things to deal with as a trader. I’d say.
Aussie Stock Forums
skc
4th-October-2012, 12:24 PM
Lol tried to buy these on open and managed to get a fill for a grand total of 25 shares at $9.27. Didn’t want to reach up and grab the rest at $9.33.
Sold my 25 shares at $10.11. Just enough to pay for a burger :banghead:
What’s that saying about “Don’t be a dick for a tick” :banghead:
ForexLive
There’s an old saying, “Don’t be a dick for a tick”
May 23rd, 2013 16:06:09 GMTby Ryan Littlestone
And I’m currently the dick.