Having a profitable strategy is just one of the elements that make Forex trading profitable. What’s the second item?
Execution.
If you suddenly find that you are having trouble with your trading mindset, this list is for you.
We gathered our Forex trading colleagues and asked them to name the best quotes about trading and success that have inspired them or helped revitalize their trading life.
Let’s take a look at the top ten!
” Every battle is won or lost before it even begins “,
– Sun Tzu.
Every trade is a battle, and it takes preparation to win the battle. And since uncertainty is the only constant element in the markets, you must learn to identify possible scenarios and prepare for unforeseen costs.
Having a plan for every likely scenario increases your chances of closing trades without losses.
“ The game itself taught me this game. And this did not save me from the rod in the learning process “,
– Jesse Livermore.
The best way to learn the trading game is to play it. You can read billions of books, sign up for classes and spend hours talking with mentors, and you won’t have the same skill level as the one who made up his mind and pulled off his first trade.
If you want to get all the information about the market in which you are trading, you just need to dive headlong into the pool and make all the beginner mistakes. The experience gained will not only ensure that you don’t repeat mistakes, but it will also make you trust your own judgment and not others.
“ The task of a successful trader is to make the best deals. Money is secondary “,
– Alexander Elder.
Trading, like any highly skilled activity, requires skill, concentration and discipline. People who do it just for the money are unlikely to focus on the process of becoming a good trader.
Focus on being a good trader and money will follow.
” Yesterday’s winners don’t win today’s games “,
– Babe Ruth.
Every day is a new day for Forex traders. Just because you have won trades in the past few days does not mean that your next trades will also be winning.
The outcome of your past trades, whether they were winning or losing, should not affect how you manage your new positions.
” Losers average losing trades “,
– Paul Tudor Jones.
Paul Tudor Jones, one of the greatest traders in history with dozens of quotes about trading, hung this one over his desk. It serves as a reminder that you cannot build up losing positions , especially since you can always come back.
If you don’t like your losing position, don’t add more money to it.
” The risk comes from not knowing what you are doing, “
– Warren Buffett.
Risk management is the main difference between a trader and a gambler. If you weigh the pros and cons of a trading idea and come up with a trading plan , you can simply trade the assets that you think have the most chances.
Read also How to Create an Accurate Forex Trading Plan: A Step-by-Step Guide
“ You should be where you are always in control, you never want anything, always trade, and above all you protect your butt ”,
– Paul Tudor Jones.
In trading, you know that you have managed your risks well if you lived to see the next day. Focusing on making money activates your greed. Instead, focus on keeping what you have while developing your trading skills.
” Luck is preparation for meeting an opportunity “,
– Oprah.
Ever notice how “ lucky ” traders seem to be consistently profitable?
While we are not discounting the possibility of ” luck “, it is more likely that consistently profitable traders have become that way because they have learned to prepare for the moment when the opportunity knocks at their door.
“ The most risky business is avoiding risks. In a world that is changing very quickly, the only strategy that is guaranteed to fail is not to take risks. “
– Mark Zuckerberg.
Losing is as much a part of trading as winning. Simply put, in order to make money in Forex, you need to take risks. The best you can do is control your risk using rigorous risk management tools and being flexible in the execution of your trades.
“It is not the strongest and the smartest who will survive, but those who are the best to cope with the changes ”,
– Charles Darwin.
As well as uncertainty, changes in the Forex market are also a constant element. Today’s profitable trading methods and correlations are unlikely to bring you pips in the next week. Successful traders know how to adapt to any trading environment.
For today, these are all wise quotes from great people about trading! Are there those among them that speak volumes about your trading progress so far?
