Every human being who reaches the age of understanding of the purpose of money wishes for it. Wishing will not bring riches. But desiring riches with a state of mind that becomes an obsession, then planning definite ways and means to acquire riches, and backing those plans with persistence with does not recognize failure, will bring riches.
– Napoleon Hill, Think & Grow Rich
Raise your eyes from the keyboard and think about two goals– to learn to trade and to make money. Which comes first and which comes second? Stop killing yourself trying to make a lot of money in a hurry. Learn to trade, and the money will follow. An intelligent horse trainer does not overload a young horse. Training comes first, pulling heavy loads comes later.
– Alexander Elder, Come Into My Trading Room
What are the personality traits of a successful trader? In outward style, there seem to be two opposites. One is quiet, reserved, and not normally noticed at a gathering. The other is an extrovert, flamboyant, fun-loving eccentric: something of a renegade. But inwardly, they are alike.
In college both types spent a lot of time at extracurricular interests, and both had irregular grades – A’s in some subjects, and C’s in others. Usually they are neither loved nor hated., and they adapt to new people and events with ease. They are extremely determined and extremely individual, never asking for favors or help. They may ask your opinion and read many forecasters’ views, but rarely act on anything but their own decisions.
They are honest to the bone, living by their own wits and courage. Some are vocal and curse at losses or themselves, and sometimes yell and scream at executions; but generally, this is just an outlet for tension. All view profits and losses as their own responsibility, not anyone else’s problem. The best ones are usually internal; they hold hurts within and force a smile when taking losses. Most pros talk about their losses, not their profits. They brag not about their winners, but how they lost.
– Victor Sperandeo, Principles of Professional Speculation
One of the things I did that worked in those early days was analyzing every single trade I made. Every day, I made copies of my cards and reviewed them at home. Every trader is going to have tons of winners and losers. You need to determine why the winners are winners and the losers are losers. Once you can figure that out, you can become more selective in your trading and avoid those trades that are more likely to be losers.
– Randy McKay, The New Market Wizards by Jack Schwager
As traders, we cannot afford the luxury of wishing and hoping because it puts us in a passive relationship with the markets. When we wish and hope, we are shifting responsibility on to the markets for making something happen instead of confronting the conditions and doing something about it ourselves. If we find ourselves wishing and hoping, it is an excellent indication that we don’t know what is going on and as a result need to get out of the markets until we do.
– Mark Douglas, The Disciplined Trader
If there is one generalization about the whole subject of stock charts which we may suggest at the very introduction of our study, it is the definite caution that the reader be skeptical of any apparently sure thing.
– Richard Schabacker, Technical Analysis and Stock Market Profits
One of the great advantages of technical analysis is that it is very transferable. A technician doesn’t have to be an expert in a given market to be able to analyze it technically. If a market is reasonably liquid, and can be plotted on a chart, a technical analyst can do a pretty adequate job of analyzing it.
– John Murphy, Intermarket Technical Analysis
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