I love reading quotes.
Quotes are short and usually simple to read, yet they hold immense wisdom captured in just those few words.
They are a very elegant form of literature.
I’ve compiled 10 quotes from the market wizards of our time that will help open your perspectives to trading.
Become a better trader RIGHT NOW.
“The most important rule of investing is to play great defense, not great offense. Every day I assume every position I have is wrong. Always question yourself and your ability. Don’t ever feel that you are very good. The second you do, you are dead. Always maintain your sense of confidence, but keep it in check.”
-Paul Tudor Jones
“The realization that you are responsible for your results is the key to successful investing. Winners know they are responsible for their results; losers think they are not.”
-Dr. Van K. Tharp
“Investing is like poker. You should only play the good hands, and drop out of the poor hands, forfeiting the ante.”
“Most traders who fail have large egos and can’t admit that they are wrong. Even those who are willing to admit that they are wrong early in their career can’t admit it later on! Also, some traders fail because they are too worried about losing. I’m not afraid to lose. When you start being afraid to lose, you’re finished.”
“I don’t really care about the mistakes I made three seconds ago in the market. What I care about is what I am going to do from the next moment on. I try to avoid any emotional attachment to a market.”
-Paul Tudor Jones
“Two of the cardinal sins of trading—giving losses too much rope and taking profits prematurely—are both attempts to make current positions more likely to succeed, to the severe detriment of long-term performance.”
“Moral: If you can’t take a small loss, sooner or later you will take the mother of all losses.”
“Trend systems do not intend to pick tops or bottoms. They ride sides.”
– Ed Seykota
“If you want to succeed, double your failure rate.”
– Thomas J. Watson
That last one isn’t actually from a market wizard, but the quote highlights 2 very important factors in trading.
1) You need to work hard.
2) It’s a numbers game.
Good trading everyone!