We all sometimes need inspiration. Traders are no exception: if the market goes against you, it can be easy to feel lost and uninspired. Just remember that trading – like everything else in life – is all about ups and downs. To succeed, you need to focus on your goals, learn to deal with occasional setbacks and keep learning to get better results.
If you are looking for some inspiration and trading insights, take a look at these quotes from famous successful traders. They have been where you are right now and know how to get ahead, so it may be a good idea to use their advice in your trading.
The consistency you seek is in your mind, not in the markets.
Mark Douglas
A world-famous writer, the author of “Trading in the Zone” (often called the “Bible of Trading Psychology”).
Consistency plays an important role in achieving great results. Having a good trading checklist helps: use it regularly to identify areas for improvement.
As long as you learn something from a loss, it’s not really a loss.
Tom Basso
Hedge-fund manager and investment advisor. The author of “Successful Traders Size Their Positions. Why and How?”.
Everyone makes mistakes, the key is to learn from them to avoid similar errors in the future. This is especially true for beginner traders: they often commit the same mistakes that can easily be avoided.
Make good decisions even with incomplete information. You will never have all the information you need. What matters is what you do with the information you have.
Michael Steinhardt
Billionaire hedge-fund manager, referred to as “Wall Street’s greatest trader” by the Forbes.
It’s important to do some research and conduct asset analysis before entering a trade. However, there is a point where you just need to make a move while you can: the market can be volatile, so it may be easy to miss a great trading opportunity.
Routine is necessary for efficiency; breaking routine is necessary for adaptation.
Brett Steenbarger
PhD, Associate Professor of Psychiatry and Behavioral Sciences at SUNY Upstate Medical University in Syracuse, New York. Author of “The Psychology of Trading: Tools and Techniques for Minding the Markets”.
If you have a solid trading plan, it can guide you through many obstacles on the trading journey. However, the market conditions are constantly changing, so you should be able to adjust your strategy accordingly.
The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless.
Jack Schwager
Expert in futures and hedge funds and the author of several books on finance and trading.
Planning ahead and considering potential outcomes before every deal can help traders choose the appropriate strategy and manage risks. So that once you hit BUY or SELL, you will know exactly what the next move is. Ideally, you should figure out the right time to exit a trade beforehand. This way, you can save yourself some time and avoid having to constantly monitor price charts looking for an exit point.
If you cannot control your emotions, you cannot control your money.
Warren Buffett
Chairman and CEO of Berkshire Hathaway. Considered to be one of the most successful investors in the world.
The ability to keep your emotions in check during trading can make all the difference. Check out this article to get some tips on how to control your impulses while trading.
Testing trading ideas is like digging for gold or looking for crude oil in deep waters. The more trading ideas you test, the better your chances of finding patterns that can be traded profitably.
Henrique M. Simões
Professional short-term trader, author of “Trading Course: How to Become a Consistently Winning Trader”.
There is no one perfect strategy that fits every trader, so you may need to test a few to pick the one that works best for you. If you are still searching for a solid trading approach or looking to try new strategies, take this quiz to get some ideas.
The Christmas Elves hope you enjoyed these famous traders’ quotes and found the inspiration to keep learning and test new methods in the coming new year!
