5 Motivational Trader Quotes You Can Live By
Here are 5 motivational quotes that will help keep you focused and on the path to successful trading:
1. “You can be free. You can live and work anywhere in the world. You can be independent from routine and not answer to anybody.” Alexander Elder
- Comment: Trading can be very exciting and rewarding, given you understand the foundations of the market and know what you’re doing.
2. “I believe in analysis and not forecasting.” – Nicolas Darvas
- Comment: Without analysis, trading would pretty much resemble gambling. You can make a sound trading decision only if you’ve previously analysed the market.
3. “A peak performance trader is totally committed to being the best and doing whatever it takes to be the best. He feels totally responsible for whatever happens and thus can learn from mistakes. These people typically have a working business plan for trading because they treat trading as a business.” – Van K. Tharp
- Comment: If you really want to succeed in trading, you need to treat trading as a full-time business and not as a part-time hobby. Learning how to trade successfully can be a tough endeavour.
4. “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” Warren Buffett
- Comment: In his quote, Buffet recommends to be one step ahead of the crowd. When everyone is buying, chances are that the price could reverse soon. Similarly, when everyone is selling, lower market prices create a great buying opportunity.
5. “When I get hurt in the market, I get the hell out. It doesn’t matter at all where the market is trading. I just get out, because I believe that once you’re hurt in the market, your decisions are going to be far less objective than they are when you’re doing well… If you stick around when the market is severely against you, sooner or later they are going to carry you out.” – Randy McKay
- Comment: Never chase the market for trades. If you have a losing streak, take a break and let your emotions cool down.