the daily chartist

30 motivational quotes for every trader

published 11 months ago

The market can be a very cruel place and shred you to pieces even if you make one mistake. This can lead to lack of motivation and get us into revenge trading and a loosing streak. All bad things to the mindset of a trader. And this it the right time to stop, take a breather, do nothing and recharge. Fortunately we have some great minds and traders that share with us their experience and wisdom in the wrapped form of a thought and expression. Now if you're reading this in a bad trading day or week, just take a deep breath, sit back and get some of that priceless motivational wisdom! Here are 30 motivational quotes from one of the best traders ever!

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 Elde

2.

 "I believe in analysis and not forecasting." - Nicolas Darvas

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

4.

"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful." - Warren Buffett

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

6.

"The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliché, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short." - Victor Sperandeo

7.

"What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower." - William O’Neil

8.

"You don’t need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beats the guy with 130 IQ." - Warren Buffett

9.

"Money is made by sitting, not trading." - Jesse Livermore

10.

"That cotton trade was almost the deal breaker for me. It was at that point that I said, ‘Mr. Stupid, why risk everything on one trade? Why not make your life a pursuit of happiness rather than pain?" - Paul Tudor Jones

11.

"The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance." - Ed Seykota

12.

"Money is just something you need in case you do not die tomorrow. Let this is a reminder for you not to obsess over profits and losses. In whatever you do, strive for enjoyment, focus, contentment, humility, openness… Paradoxically (and as an unintended consequence) your trading performance will improve significantly." - Yvan Byeajee

13.

"Confidence is not “I will profit on this trade.” Confidence is “I will be fine if I don’t profit from this trade." - Yvan Byeajee

14.

"You don’t need to trade often. If you can catch one or two moves to the targets during the day with good size, you can make a good living and keep trading costs down.
 - Unknown

15.

"Don’t blindly follow someone, follow market and try to hear what it is telling you." - Jaymin Shah

16.

"Losses are necessary, as long as they are associated with a technique to help you learn from them." - David Sikhosana

17.

"Throughout my financial career, I have continually witnessed examples of other people that I have known being ruined by a failure to respect risk. If you don’t take a hard look at risk, it will take you." - Larry Hite

18.

"I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell." - Tom Basso

19.

"The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

20.

"The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages." - Jesse Livermore

21.

 "It’s not what we do once in a while that shapes our lives. It’s what we do consistently." - Anthony Robbins

22.

"Learn to take losses. The most important thing in making money is not letting your losses get out of hand." - Marty Schwartz

23.

"I have learned through the years that after a good run of profits in the markets, it`s very important to take a few days off as a reward. The natural tendency is to keep pushing until the streak ends. But experience has taught me that a rest in the middle of the streak can often extend it." - Marty Schwartz

24.

"In this business if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten." - Peter Lynch

25.

 "It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you’ll do things differently." - Warren Buffett

26.

"If you personalize losses, you can’t trade." - Bruce Kovner

27.

 "I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have." - Paul Tudor Jones

28.

"You will never find fulfillment trading the markets if you don’t learn to appreciate and be satisfied with what you already have." - Yvan Byeajee

29.

"Markets change their behavior faster than people can change their minds… That is why intraday trading is so difficult." - Unknown

30.

"Focus, patience, wise discernment, non-attachment —the skills you acquire in meditation and the skills you need to thrive in trading are one and the same." - Yvan Byeajee

Just remember. These guys suffered losses as well, but never gave up. Don't you give up as well!