Having a profitable strategy is only a part of what makes Forex trades profitable. The other part? Execution. If you find that you’re having trouble with your trading mindset today, then this list is for you.
I have picked the brains of my fellow FX-Men and asked for the top trading quotes that have inspired them or have helped step up their trading game. Let’s take a look at the top 10!
1. “Every battle is won or lost before it’s ever fought” – Sun Tzu
Every trade is a battle and winning battles requires preparation. Since uncertainty is the only thing that’s certain about the markets, you should learn to identify the possible scenarios and prepare contingencies for them. Having plans for every likely scenario increases your chances of closing your trades without losses.
2. “The game taught me the game. And it didn’t spare me the rod while teaching.”– Jesse Livermore
The best way to learn about the trading game is to play it. You can read bajillions of books, sign up for classes, and talk to a mentor for hours and hours and you still won’t be as skilled as someone who went ahead and made his first trade.
You have to jump in the pool and make your own mistakes if you want to learn about the market that you’re trading. Your experiences will not only ensure that you don’t repeat your mistakes, but it will also make you trust your own judgement over the others’.
3. “The goal of a successful trader is to make the best trades. Money is secondary.” – Alexander Elder
Trading, like any high-performance endeavor, requires skill, focus, and discipline. Those who are in it for the money alone aren’t likely to focus on the process of being a good trader. Concentrate on being a good trader and the money will follow.
4. “Yesterday’s home runs don’t win today’s games” –Babe Ruth
Every day is a new day for forex traders. Just because you’ve been winning trades for the past few days doesn’t mean that your next trades will also be winners. The result of your past trades, whether they were winning or losing ones, shouldn’t affect how you handle your next positions.
5. “Losers average losers.” – Paul Tudor Jones
Paul Tudor Jones, one of the greatest traders in history, has this quote above his desk. This is to warn himself not to add to a losing position, especially since you can always get back in. If you’re uncomfortable with your losing position, avoid throwing more good money into it.
6. “Risk comes from not knowing what you’re doing.” – Warren Buffett
Risk management is what separates a trader from a gambler. If you have weighed the pros and cons of a trade idea and you have a trading plan in place, then you’re simply trading what you believe are favourable odds.
7. “Where you want to be is always in control, never wishing, always trading, and always, first and foremost protecting your butt.” – Paul Tudor Jones
You know you’ve managed your risks well if you’ve lived to trade for another day. Focusing on making money exposes you greed. Focus instead on keeping what you have while developing your trading skills.
8. “Luck is preparation meeting opportunity.” – Oprah
Ever noticed how “lucky” consistently profitable traders seem to be? While I don’t discount the possibility of having “lucky” trades, it’s more likely that the consistently profitable ones became profitable because they’ve learned how to prepare for when opportunity knocks on their doors.
9. “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
Losing is as much part of trading as winning. Simply put, making money in Forex trading involves taking risks. The best you can do is to control your risk by placing strict risk management tools and by being flexible in your execution.
10. “It is not the strongest or the most intelligent who will survive but those who can best manage change.” – Charles Darwin
Like uncertainty, change is also constant in the forex markets. The profitable trading methods and correlations today may not be what gets you pips next week. Profitable traders know how to adapt to any trading environment.
That’s it for this batch of inspirational trading quotes! Did you see one in particular that speaks to your current trading progress the most? What inspirational quotes/messages are motivating you these days? Don’t hesitate to share!