Tag: Forex Quotes

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Forex

20 Interesting & Insightful Quotes About Forex

You can find quotes in pretty much anything you do and forex trading is no different, with so many people taking part in the trading world, both successful and unsuccessful people have given their opinions on things that may have affected their trading or that they have learned along the way. We are going to […]

You can find quotes in pretty much anything you do and forex trading is no different, with so many people taking part in the trading world, both successful and unsuccessful people have given their opinions on things that may have affected their trading or that they have learned along the way. We are going to […]

You can find quotes in pretty much anything you do and forex trading is no different, with so many people taking part in the trading world, both successful and unsuccessful people have given their opinions on things that may have affected their trading or that they have learned along the way. We are going to be looking at 20 of the most insightful quotes that we have come across, there will of course be others out there that may influence your trading or your mindset to trading.

“Limit your size in any position so that fear does not become the prevailing instinct guiding your judgment.” – Joe Vidich

Try not to get emotionally involved in your trading, this will lead to losses as you will be focusing on your emotions and what they tell you to trade rather than what your analysis is telling you to trade. This Is made worse when trading larger trade sizes than you should be.

“There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer.”  Jack Schwager

To put it simply there is no one strategy or way of trading that is perfect or that will always work, you will need to adapt if you want to be a successful trader.

“The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless.” Jack Schwager

We should be putting most of our effort into the analysis and working out our trade status. Putting on the trade should be a few clicks, it is the work before that is important.

“There are a million ways to make money in the markets. The irony is that they are all very difficult to find.” – Jack D. Schwager

You can trade as much as you like, it is very easy to put on trades, what is harder is finding the right trades to make, this takes time and effort, and is not as simple as just placing the trades and hoping for profits.

“My attitude is that I always want to be better prepared than someone I’m competing against. The way I prepare myself is by doing my work each night.” – Marty Schwartz

Plan your trades before you are to put them on, being ahead of the competitions and knowing what you want to trade the day before you need to make the process a lot easier when it comes to actually placing the trades.

“I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime.” – Jim Rogers

This is all about patience, you cannot trade everything that you see. Instead, you need to choose your trades, pick the ones that are right rather than all the ones that you see.

“The market can stay irrational longer than you can stay solvent.” – John Maynard Keynes

If you have a trade going the wrong way, do not try and hold onto it. Instead, you need to cut your losses, the markets can continue to move until your account blows before it turns back

“If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money.” – Bill Lipschutz

Another one about patience, you do not need to trade all the time, if you do, you will make more losses than you would when waiting for the right trades to trade.

“Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets.” – Michael Carr

If you are concentrating too much on the markets then you won’t be thinking about your own trades. Look at the markets as they are now and consider your trades, then have backups for what you would do should the market conditions change. Don’t try to predict the change though.

“It’s not whether you’re right or wrong that’s important, it’s how much money you make when you’re right and how much you lose when you’re wrong.” – George Soros

Your risk to reward ratio comes into play here, you need to have this right and you need to stick with it. This way you can control your losses and can predict how much you would win with each trade.

“Short term volatility is greatest at turning points and diminishes as a trend becomes established.” – George Soros

Volatility happens at running pants, meaning when the markets are not moving up or down, the perfect time for scalpers. However, when a trend sts in it generally continues in that direction without much deviation.

“Win or lose, everybody gets what they want from the market. Some people seem to like to lose, so they win by losing money.” – Ed Seykota

You need to plan your trade, each time you place a bad trade you are inviting a loss, some people do not learn and continue to do this, meaning they seem to like the losses.

“Don’t focus on making money, focus on protecting what you have.” – Paul Tudor Jones

All about risk management, if you want to be successful you need to have a good risk management plan in place to protect your capital.

“Losers average losers” – Paul Tudor Jones

If you keep placing losing trades, you will average out as a loser, so plan for good trades, not bad ones.

“When in doubt, get out and get a good night’s sleep. I’ve done that lots of times and the next day everything was clear… While you are in [the position], you can’t think. When you get out, then you can think clearly again.” – Michael Marcus

Your emotions can get the better of you, if you feel that you are trading with emotions, take a break and a night’s sleep, your emotions won’t be as high in the morning and you will be able to better see the markets.

“There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time.” – Jesse Livermore

Again, take a break, you do not need to trade every minute of every day.

“Do not anticipate and move without market confirmation—being a little late in your trade is your insurance that you are right or wrong.” – Jesse Livermore

Do not rush your trade, if your analysis takes a few minutes and the conditions change, use that change to work out whether it was a good or bad trade in the first place.

“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas

Take your emotions out of your trading and you will be able to trade with a lot less stress.

“The goal of a successful trader is to make the best trades. Money is secondary.” – Alexander Elder

Concentrate on placing your trades in line with your strategy, then the money will come, focus on the money and you will end up placing bad trades.

“All the math you need in the stock market you get in the fourth grade.” – Peter Lynch

Forex Looks complicated, but it doesn’t use anything you haven’t already learned. Break it down and it is quite simple.

So those are some of the quotes that have inspired us or that give you a good perspective on what experts think about trading and the markets as a whole.

Categories
Forex Basics

Struggling With Forex? Read These Quotes Today…

Today we bring you a small collection of famous phrases of traders and personalities that with their words have helped us to improve, we hope that they also help you a lot. Then we’ll leave you with the great truths of the rockers. – If you want to double your money the quickest, then what […]

Today we bring you a small collection of famous phrases of traders and personalities that with their words have helped us to improve, we hope that they also help you a lot. Then we’ll leave you with the great truths of the rockers. – If you want to double your money the quickest, then what […]

Today we bring you a small collection of famous phrases of traders and personalities that with their words have helped us to improve, we hope that they also help you a lot. Then we’ll leave you with the great truths of the rockers.

– If you want to double your money the quickest, then what you should do is double the bills and put them back in your pocket. (Will Rogers)
– I soon realized that men who have succeeded ( Lawyers, Doctors, Scientists… ) have spent years of study and research in their respective fields, before trying to make money from their professions. (William Gann)
– Success is an ATTITUDE, not a matter of luck. (Anonymous)
– Luck does not exist; God does not play dice with the universe. (Albert Einstein)
– What separates the 5% you earn from the other 95% you lose is an enormous amount of effort. It’s perseverance. You have to like it. (Tom Baldwin)

For us these phrases make one thing clear, investing in the markets is a reality, a fact that anyone can do whenever he invests (and never better said) time in doing it, you need constancy, desire, and training correctly, the rest will come.

It is clear that markets are not a magical place where you double the money, the people who earn here are thanks to their personal effort and their dedication.

We also include some of the most famous and famous phrases of the famous Trader Jesse Livermore.

– When I’m not right, only one thing convinces me of it, and that’s losing money. That’s speculating. (Jesse Livermore)
– They say you never get poor by taking profits, that’s right, but you don’t get rich by taking a four-point profit in a bullish market either. (Jesse Livermore)
– We all know that prices go up and down, it happened in the past and it will happen in the future and that’s all we need to know. It is not advisable to be too curious about the causes that cause price movements, as you risk filling your head with irrelevant aspects. All we need to do is try to find the movement and try to follow the flow. Don’t argue with the trend, and especially don’t try to fight it. (Jesse Livermore)
– If you have a little moment I’ll tell you how to make money on the stock market. Buy with low prices and sell with high prices. If you’re 5 or 10, I’ll tell you when prices are low and when prices are high. (Jesse Livermore)

And, without a doubt, the best of so many who said:

– When my driver tells me he’s going to buy some stock, I rush to sell mine. (Jesse Livermore)

These phrases perfectly summarize the trading, the professionals operate with great trends and movements, holding the position until exhausting that trend, never pay attention to the advice of others, only of what they read in the market, In fact, many people believe that they lose in the market because the professionals manipulate it to their liking, this is not so, they simply place themselves on the right side. On the other hand, it refers to the difficulty and time it takes to learn to read the market, this is not a matter of 2 days, you need time and dedication.

Categories
Forex Basics

Classic Quotes Relevant to Forex Traders

Often when we think about certain quotes in relation to forex and trading, we are thinking of ones that are solely from those that have been successful in trading. Afterall, those are the people that we are looking up to, looking to them for advice and so we should be doing what they’re doing. There […]

Often when we think about certain quotes in relation to forex and trading, we are thinking of ones that are solely from those that have been successful in trading. Afterall, those are the people that we are looking up to, looking to them for advice and so we should be doing what they’re doing. There […]

Often when we think about certain quotes in relation to forex and trading, we are thinking of ones that are solely from those that have been successful in trading. Afterall, those are the people that we are looking up to, looking to them for advice and so we should be doing what they’re doing. There are, however, lots of very relevant quotes from people who have nothing to do with trading at all. In fact, the vast majority of the quotes that we are going to mention below are not to do with trading and are involved in all aspects of life, the one thing that they have in common though is that a forex trader could take them and apply them to their craft.

Of course, we have thrown in some trading related quotes too as they are just as important to us as traders and come directly from experts within the field. So here are some of the quotes that we have come across and what others have posted around the internet that are very much applicable to you as a trader.

“Every battle is won or lost before it’s ever fought” – Sun Tzu

Sun Tzu was a Chinese military general who was born in 544BC, so quite a long time ago, yet the words that he spoke are still very much relevant today, and especially relevant to us as traders. While he may have been referring to battles, we can apply it to our trades, each and every trade can be won or lost before it is placed. This comes down to our trading plan and sour risk management, get something wrong and the trade could be lost before we even place it, however, if you do everything right, then it puts us in a much better position to have that trade win instead of losing. It is all in the preparation.

“Luck is a preparation meeting opportunity.” – Oprah

This quote is all about being in the right place at the right time for something good to happen to you. Of course, in order to be in the right place, you need to put in the preparation beforehand. It is very similar in a sense to the Sun Tu quote as it is all about ensuring that you have put in the work before making any trades. If you have done that, once an opportunity pops up you will be in the perfect position to take it and to take advantage of it. Whereas if you were not prepared and the same opportunity came up, you would more than likely miss it and then miss out on the returns too. Just remember, there isn’t actually any luck in trading, just good planning.

“It is not the strongest or the most intelligent who will survive but those who can best manage change.” – Charles Darwin

This is extremely relevant to us as traders, the market is a fluid beast, it does not stay the same for long. In fact, it is often changing by the day. When this happens, only those that are able to adapt are able to keep up with it and to remain profitable. You often see traders doing well, but as soon as the markets change they do not know what to do, their strategy no longer works and so they start to make losses. A good trade will have additional strategies and have an understanding of how they can adapt their current strategy to remain profitable in the new conditions. A good trader needs to adapt, much like many things in life as pointed out by Charles Darwin.

“The biggest risk is not taking a risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” – Mark Zuckerberg

Trading is a risk, there is no way around that, many people sign up, deposit, and then hesitate, do they really want to take this risk? The answer should be yes according to Mark Zuckerberg (owner of Facebook). If you want to make money with trading then you will need to take a risk, your money could either be sitting in a bank in order to generate 0.5% interest per year, or you can trade it, there is a chance that you could lose it, but the rewards far outweigh those risks, at least they should if you are using proper risk management. Do not be afraid to take that risk, it could be the risk that changes your life.

“Risk comes from not knowing what you’re doing.” – Warren Buffett

Another one about risk, they seem to like these ones. Warren Buffet is one of the world’s most famous investors so he probably knows a little about this subject. What he is referring to is the fact that you are able to mitigate a lot of the risk involved in trading by simply having an understanding of what it is that you are doing. You can use your knowledge to reduce the risks, you can also use things like your risk management plan to help reduce things also The key is to know what it is that you’re doing, if you go in blind then the risks are tenfold what they would be with a little bit of knowledge and preparation.

“Losers average losers.” – Paul Tudor Jones

A little confusing to begin with, but Paul Tudor Jones is known as one of the greatest traders that has existed, so he probably has a good idea of what he is talking about. This quote is actually quite simple, he simply means that if you have a losing position, you should not add to it. Things like grids and the martingale strategy are prime examples of this is exactly what he is warning you away from. If you have a losing position, close it, and then start again, do not add to it as this will only add to your losses and increase the risk that is currently put on your account.

“Yesterday’s home runs don’t win today’s games” –Babe Ruth

Let’s put this simply, every day is a new day and every trade is a new trade. Do not think about what happened yesterday, concentrate on what you are doing today. Whether yesterday was profitable or you made a loss, it doesn’t matter, what matters is that you forget about that and concentrate on today. The past should not affect the present when it comes to your trading. This is easier said than done as there is a lot going through your mind, but the more you can forget yesterday, the more you can concentrate on today.

“The game taught me the game. And it didn’t spare me the rod while teaching.” – Jesse Livermore

To make this one a little simpler, it simply means that you will learn the most from actually doing it. In our case, it means just simply start trading (on a demo account to begin with of course). You will learn a lot more from taking action and seeing how it works than you will by simply reading. Of course, it will teach you some painful lessons too, but that is all part of the process of becoming a better trader. You can read 1,000 books but someone who has made a single trade whereas you won’t have will still have more experience than you.

“The goal of a successful trader is to make the best trades. Money is secondary.” – Alexander Elder

If you come into trading with the sole purpose to try and make money, then things will not work well for you as you will be throwing a lot of caution out of the window and risking too much, If you come in with the idea of becoming a good trader, to follow the rules and to be good, then you will have a lot more success and the money will naturally come to you, meaning you do not need to think about it. Concentrate on being a good trader and the money will follow is the main take away from this quote.

So those are some of the quotes from various people around the world and from all sorts of times, they are all very relevant to us as traders, these are all people who have been and are successful in what they do, so do not take their advice or meanings lightly. Stick to the ideas that they bring and they should help you to stay on track with your trading and to hopefully one day be a consistent and profitable trader.

Categories
Beginners Forex Education Forex Basics

Trading Quotes To Help Focus Your Mind

You often see quotes thrown about the place that sounds really wise or helpful, but a lot of people throwing them out there are doing it because they simply sound cool, but they don’t necessarily understand the meaning of those quotes. There is often a reason behind each one and some of them will resonate […]

You often see quotes thrown about the place that sounds really wise or helpful, but a lot of people throwing them out there are doing it because they simply sound cool, but they don’t necessarily understand the meaning of those quotes. There is often a reason behind each one and some of them will resonate […]

You often see quotes thrown about the place that sounds really wise or helpful, but a lot of people throwing them out there are doing it because they simply sound cool, but they don’t necessarily understand the meaning of those quotes. There is often a reason behind each one and some of them will resonate with you a lot more than others will. We are going to be taking a look at a few quotes that could help to focus your mind or to help motivate you to learn and become a better trader.

“Trading doesn’t just reveal your character, it also builds it if you stay in the game long enough.”
― Yvan Byeajee.

This quote really hits home for those that have attempted trading and then found that it really is not for them. Trading is a hard and stressful job or hobby, many come into it and find that it just does not suit their style or personality. Those that manage to stick with it are developing different skills, things like patience and determination, and that is what this quote is talking about, the building of those skills as you trade for longer periods of time.

“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

There are different versions of confidence, one that many people see is the confidence that any trade that you make will be successful, this certainly is a form of confidence, but then it comes to trading, this mentality can be dangerous and can very easily lead to bad trades and losses. The confidence that this quote refers to is the confidence in your strategy and your risk management. If you are able to take losses and it does not affect your psychology or have a negative effect on your overall strategy then you have confidence in your trading and your trading plan. This is the position you want to be in, to have the understanding that your strategy is good and is working, which in turn keeps you under less stress and pressure.

“The goal of a successful trader is to make the best trades. Money is secondary.”
– Alexander Elder

When you first start out in trading you would have hopefully created a trading plan which details all of your own rules for trading. This is the most important thing to follow, you will not start out making money, but each time you make a trade using your rules, then you are making good trades. Do it for long enough, hone your god trades and you will become profitable, too many people focus only on the money and the profits. This then leads to bad trades and ultimately losses. Concentrate on making good trades and then profits will follow.

“Yesterday’s home runs don’t win today’s games.”
– Babe Ruth

Taken from Baseball but very relevant to trading. Whatever happened yesterday, is irrelevant to what you will do and trade today. If you had a fantastic day yesterday, it does not automatically mean that you will have a good day today, the same goes for a bad day, having one does not mean that the next day will be a bad one too. You need to focus on the present, use the past as a learning tool but do not use it to make your trades today. Treat each day as an individual day and trade on the merit of that day, not the past days.

“The biggest risk is not taking a risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”
– Mark Zuckerberg

Every trade is a risk, no matter how well you have planned it or how good the probabilities are, there is always an essence of risk involved. This does not necessarily mean it’s a bad thing though, if you want to be successful you need to take risks, every successful person ( apart from those born into it) has taken risks in order to get to the stage that they are currently at. What is important is that you control those risks, put things in place in order to help mitigate the downsides to that risk, control it and you can be successful too

“In order to succeed, you first have to be willing to experience failure.”
― Yvan Byeajee

We have touched on this briefly before, but in order to become a successful trader, you need to be able to both experience and tolerate loss. If a loss causes you to stress out and worry, then trading may not be for you. Your trading plan should support losses, it should enable you to get through them without much loss. Once you can accept losses you ‘ll be in a much better position for becoming profitable and successful in the future.

“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

This quote is looking more towards those that suffer from greed, always wanting more than you have. You need to be able to appreciate what you have already, the money you have made, and then to be appreciative and to have acceptance of it. Asking for too much creates additional risks to you and your account. Do not let greed take over and constantly want more, if you do this, it will lead to bad trades and ultimately losses.

“Win, lose whatever emerges in the short-term, place and manage your next trades untouched, unattached… always keeping your eyes on the long-term picture.”
― Yvan Byeajee

This is again touching on the fact that your previous trades, in or loose should not influence your next trade. Every single trade is an individual, it should be analyzed, separated, and placed separately, nothing to do with each other, completely independent. Do not let the emotions from the previous trade sway your other trades, stick to the plan you made.

“It is not the strongest or the most intelligent who will survive but those who can best manage change.”
– Charles Darwin

The forex markets are constantly changing, they can change at any time, the next week, the next day, the next hour or even the next minute. What will make you successful at trading is having the ability to adapt to those changes, as soon as you are able to do that, you will be able to keep up with the markets which will give you a lot more opportunities to be successful as a trader. Those that stay rigid and are not willing to adapt their strategies will eventually get into a situation where the markets have changed and their strategy no longer works, this will lead to losses. So it is vital that you are able to change yourself when the things around you change.

So those are some of the quotes that are relevant to us as traders, they should help you to get a better understanding of how people think and how certain mentalities help us to become a more successful trader. Of course, not all of them may be relevant to you, but hopefully, it has given you a better insight into how you trade yourself and could have helped you to understand what you may need to change in order to be the success that you want to be.