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Join Goodreads. Quotes tagged as "forex-trading" Showing of 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.
That's the beginning of witchcraft. Trade small, stay in the game, persist, and eventually, you'll reach a satisfying level of proficiency. But then, after that, it's all mindset management. Yet most people ignore that —they automatically think they have that last part all figured out, and it's a mistake. The sooner you accept that you sooner you can release your expectations and focus unconditionally on a proven process. On this blog, I will be sharing with you everything I've learned along the way to make you a more successful trader in the markets, and more importantly, help you create an edge trading the forex market :.
Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Additional menu. If you want to be a bestselling author, then learn from other bestselling authors. If you want to be a world-class pianist, then learn from other world-class pianists.
In this post, I will only be using quotes from traders who trade the Forex market. This way, you will be able to relate to them and improve your Forex trading. George Soros is by far the most legendary Forex trader in the world. Taking on a country not only takes guts but a huge conviction! That means when he is wrong in his trade, he cuts his losses and gets out of the market.
Many traders often let their ego and pride get in the way of their trading. For example, whenever you get into a trade, you must always know where your cut-off point is. That means you need to know when to cut your losses when the market goes against you. When I was at the prop firm, for some reason, we were never told to put a hard Stop Loss.
But we were expected to manage our risk well. That means we MUST know exactly when to cut our trade if it goes against us. And the prop firm takes this seriously. He was Long the market and as the market dropped, he kept building up his position.
He was very certain that the market would turn and go back up. So he held on to this trade hoping it would come back. But the senior trader just froze up and sat there disbelieving what was happening in the market. He was fired on the spot. He knew he was wrong but refused to admit it. And he got fired. Always cut your losses short. There are plenty of trades to come.
Forex Trading Quote 2: Bill Lipschutz Quote: If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money. And thus he misses out on all his trades. The second type of trader is the opposite. He will find every reason to get into a trade, even when there is no valid signal. And this is what Bill Lipschutz is referring to here. The point he is trying to get across is to only pick the best setups that come your way.
So if you just eliminate those trades, then you will be overall more profitable. I have to say that this is one of my favorite quotes of all time. However, as William Eckhardt says, there is no point worrying. Your Stop Loss is hit. Everything else is just trade management. Or will you get out of your trade just before the news is released?
Or will you reduce your trade size? And many of them even claimed that they did that by trading on their mobile phone. Trend-following systems are known for their low win rate. For example, a typical trend-following system should have a win rate of about 30 percent. That means out of 10 trades, only 3 on average will be winners.
But that does not mean that trend-following systems are not profitable. On the contrary, they are very profitable. One of the things that many new traders focus on is on a high win percentage. But that does not mean you will be profitable. Despite having a high win rate, this trading system is unprofitable.
So a high win rate does not necessarily mean you will be profitable. And a low win rate does not necessarily mean you will be unprofitable. As I look through my trades, I could clearly see a pattern in my losing trades. When I identified this, I immediately stopped doing that and my profitability increased. So the question is… Do you keep a journal of your trades?
And if you do, do you analyze why winners are winners and losers are losers?
“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.” ―. If you are not aggressive, you are not going to make money, and if you are not defensive, you are not going to keep the money." -Ray Dalio. Forex Motivational. If you want to bring your A-game to the trading table, these motivational quotes for traders will help you do just that. Time to get motivated. See inside.