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.