A rising tide raises all boats.
A rising tide raises all ships.
A rising tide lifts all boats.
A rising tide lifts all ships.
I just said one of these to my friend over the phone actually. The concept
is that, if the stock market goes up, most stocks go up as well, regardless
if any individual stock has a real reason to go up. (This is how I always
interpreted the saying anyway.)
11. Gut feel is very important. Being a successful trader also takes courage; the
courage to try, the courage to fail, the courage to succeed, and the courage to keep
on going when the going gets tough.
12. If trading is your life, it is a tortuous kind of excitement. But if you are keeping
your life in balance, then it is fun. All the successful traders have a balanced life;
they have fun outside of trading.
The first rule of trading is that donít get caught in a situation in which you can
lose a great deal of money for reasons you donít understand.
Place your stops at a point that, if
reached, will reasonably indicate that the trade is wrong, not at a point determined
primarily by the maximum dollar amount you are will to lose per contract.
A common mistake is to
think of the market as a personal nemesis. The market, of course, is totally
impersonal; it doesnít care whether you make money or not.
I have always tried to
keep the concept of patience in mind by waiting for the right trade, just like you
wait for the percentage hand in poker.
One of the most suicidal things you can do in trading is to keep adding to a losing
Donít trade until an opportunity presents itself.
When you start being
afraid to lose, you are finished.
Be like water making its way through cracks. Do not be assertive, but adjust to the object, and you shall find a way round or through it. If nothing within you stays rigid, outward things will disclose themselves. Empty your mind, be formless. Shapeless, like water. If you put water into a cup, it becomes the cup. You put water into a bottle and it becomes the bottle. You put it in a teapot it becomes the teapot. Now, water can flow or it can crash. Be water my friend.Ē ~ Bruce Lee
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Some quotes are long, but might fit on futures.io (formerly BMT) if shortened.
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. - ALEXANDER ELDER
Markets offer unlimited opportunities for self-sabotage, as well as for self-fulfillment. - ALEXANDER ELDER
Most aspiring traders underestimate the time, work, and money required to become successful. - MARK D COOK
For a trader, rationalization is a guaranteed road to ultimate failure. - VICTOR SPERANDEO
To succeed as a trader, it is absolutely necessary to have an edge. You canít win without an edge, even with the worldís greatest discipline and money management skills. If you donít have an edge, all that money management and discipline will do for you is to guarantee that you will gradually bleed to death. Incidentally, if you donít know what your edge is, you donít have one. - JACK SCHWAGER
People underestimate the time it takes to succeed as a trader. Some people come here and think they can sit with me for a week and become great traders. How many people when they went to college wouldíve thought to walk up to the professor and say, ď I know the course is for a semester, but I think a week should be enough for me to get it.Ē Gaining proficiency is the same in trading as in any other profession - it requires experience, and experience takes time. - MARK D COOK