Don’t be confused by what looks like luck to you. Lucky people don’t make successful people; people who completely commit themselves to success seem to get lucky in life.
Treating success as an option is one of the major reasons why more people don’t create it for themselves-and why most people don’t even get close to living up to their full potential.
You can make a good living while serving a greater good.
Frankly, I don’t see markets; I see risks, rewards, and money.
The trading rules I live by are: 1. Cut losses. 2. Ride winners. 3. Keep bets small. 4. Follow the rules without question. 5. Know when to break the rules.
It can be very expensive to try to convince the markets you are right.
Everybody gets what they want out of the market.
If you want to know everything about the market, go to the beach. Push and pull your hands with the waves. Some are bigger waves, some are smaller. But if you try to push the wave out when it’s coming in, it’ll never happen. The market is always right.
I turn bullish at the instant my buy stop is hit, and stay bullish until my sell stop is hit.
To be a good trader, you need to trade with your eyes open, recognize real trends and turns, and not waste time or energy on regrets and wishful thinking.
Many traders ride an emotional roller coaster and miss the essential element of winning: the management of their emotions.
Remember, your goal is to trade well, not to trade often.
Every winner needs to master three essential components of trading; a sound individual psychology, a logical trading system and good money management. These essentials are like three legs of a stool – remove one and the stool will fall, together with the person who sits on it.
In a gold rush, sell shovels.
You get paid in direct proportion to the difficulty of problems you solve.
To help ensure success, practice defensive money management. A good trader watches his capital as carefully as a professional scuba diver watches his air supply.
To win in the markets, we need to master three essential components of trading: sound psychology, a logical trading system, and an effective risk management plan.
A loser’s true problem is not account size but overtrading and sloppy money management. He takes risks that are too big for his account size, however small or big. No matter how good his system may be, a streak of bad trades is sure to put him out of business.
A probabilistic mind-set pertaining to trading consists of five fundamental truths. 1. Anything can happen. 2. You don’t need to know what is going to happen next in order to make money. 3. There is a random distribution between wins and losses for any given set of variables that define an edge. 4. An edge is nothing more than an indication of a higher probability of one thing happening over another. 5. Every moment in the market is unique.
There is no easy button in sales. Prospecting is hard, emotionally draining work, and it is the price you have to pay to earn a high income.