It’s never a bad idea to learn from millionaire traders and others that have done well in this game.
While hard to believe at times, quotes from traders that have reached the highest heights of success can sometimes be a turning point in the life of a trader.
Let’s take a look at some quotes from the best traders in the game – past and present.
Bruce Kovner Quotes
“First, I would say that risk management is the most important thing to be well understood. Under-trade, under-trade, under-trade is my second piece of advice. Whatever you think your position ought to be, cut it at half. My experience with novice traders is that they trade three to five times too big. They are taking 5-10 percent risk on a trade when they should be taking 1 to 2 percent risks”
“If you don’t work very hard, its extremely unlikely that you will be a good trader”
“They personalize the market. A common mistake is to think of the market as a personal nemesis. The market, of course is totally impersonal; it does not care whether you make money or not. Whenever I trade says. ” I wish” or ” I hope” he is engaging in a destructive way of thinking because it takes attention away from the diagnostic process”
RICHARD DENNIS QUOTES
“Trade small because that’s when you are as bad as you are ever going to be. Learn From your mistakes. Don’t be misled by day to day fluctuations in your equity. Focus on whether what you are doing is right, not on random nature of any single trade’s outcome”
PAUL TUDOR JONES QUOTES
“There’s nothing worse than a bad trading day. You feel so low that it is difficult to hold your head up. But, if I knew that I could also have a similar experience in the exhilaration of winning, I would take the combination of winning and losing days any time because you feel that much more alive. Trading gives you and incredible intense feeling of what life is all about. Emotionally, you live on the extremes”
“Don’t focus on money; focus on protecting what you have”
GARRY BIELFELDT
“A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform himself. That’s the kind of thing winning traders do”
MICHAEL MARCUS
“The fool believes that there is conspiracy in the markets. I have known many of the great traders in the world and I can say that 99% of the time, the market is bigger than anybody and sooner or later, it goes where it wants to go. There are exception, but they do not last long”
” I feel that if you can trade one market, you can trade them all. The Principles are the same. Trading is emotion. It is mass psychology, greed and fear. It is the same with every situation”
LARRY HITE
“I have two basic rules about winning in trading as well as in life: (1) If you don’t bet, you can’t win. (2) If you lose all your chips, you can’t bet”
MICHAEL STEINHARDT
“Good trading is a peculiar balance between conviction to follow your ideas and the flexibility to recognize when you have made a mistake. You need to believe in something, but at the same time, you are going to be wrong a considerable number of times. The balance between confidence and humility is best learned through extensive experience and mistakes”
“There should be a respect for the person on the other side of the trade. Always ask yourself: why does he want to sell? What does he know that I don’t?”
Posted in