When sharp losses in equity are experienced, take time off. Close all trades and stop trading for several days. The mind can play games with itself following sharp, quick losses. The urge to “get the money back” is extreme. Never succumb to this.
– StoryTeller, TMF boards
The commonly held statistic is that only 10% of traders are profitable. What most don’t realize is that only 10% of that 10% win consistently and are proud of their return. That means only 1% of all traders win big consistently! To join this elite club, it is obvious that you have to be doing something different than the other 99%.
– Stephen Cox
Money does not give a trader more comfort, because, rich or poor, he can make mistakes and it is never comfortable to be wrong. And when a millionaire is right his money is merely one of his several servants. Losing money is the least of my troubles. A loss never bothers me after I take it. I forget it overnight. But being wrong – not taking the loss – that is what does the damage to the pocketbook and to the soul.
– Jesse Livermore, Reminiscences of a Stock Operator
The news is in the chart – yesterday’s news, and tomorrow’s. Fundamentalists react predictably to news. Technicians react predictably to chart patterns and “indicators.” If you can read a chart correctly, then it is not necessary for you to follow the news, or even to be aware of what the news is. Make your decisions based on what’s happening in the chart, not on what you think will happen based on the news. Forget the news; remember the chart. It already knew the news was coming.
– StoryTeller, TMF boards
Before anyone can become successful in an environment with the unstructured character of the trading environment, one needs to develop a supreme sense of self-confidence and self trust. I am defining self-confidence as an absence of fear and self-trust: knowing what to do at the moment when it needs to be done, and then doing it without hesitation.
– Mark Douglas, The Disciplined Trader
Just like small fires create small amounts of heat, weak desires generate weak results. But when a powerful desire statement transforms that small fire into a raging inferno, it can put you on the fast track toward accomplishing your goals. It will produce an ‘I want to’ attitude that is so intense that it dramatically increases the likelihood of dreams becoming real.
– Kenneth Baum, The Mental Edge
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