"The goal of a successful trader is to make the best trades. Money is secondary."
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Quote collection
Alexander Elder quotes
14 quotes — follow a thought to its full quote page.
"Beginners focus on analysis, but professionals operate in a three dimensional space. They are aware of trading psychology their own feelings and the mass psychology of the markets."
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"Successful trading depends on the 3M`s - Mind, Method and Money. Beginners focus on analysis, but professionals operate in a three dimensional space. They are aware of trading psychology their own feelings and the mass psychology of the markets. Each trader needs to have a method for choosing specific stocks, options or futures as well as firm rules for pulling the trigger - deciding when to buy and sell. Money refers to how you manage your trading capital."
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"Amateurs look for challenges; professionals look for easy trades. Losers get high from the action; the pros look for the best odds."
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"When a beginner wins he feels brilliant and invincible Then he takes wild risk and loses everything."
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"The market does not know you exist. You can do nothing to influence it. You can only control your behavior."
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"To be a good trader, you need to trade with your eyes open, recognize real trends and turns, and not waste time or energy on regrets and wishful thinking."
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"Remember, your goal is to trade well, not to trade often."
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"Losers bring money into the market which is necessary for the prosperity of the trading industry."
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"Every winner needs to master three essential components of trading; a sound individual psychology, a logical trading system and good money management. These essentials are like three legs of a stool – remove one and the stool will fall, together with the person who sits on it."
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"Most private traders on a losing streak keep trying to trade their way out of a hole. A loser thinks a successful trade is just around the corner, and that his luck is about to turn. He keeps putting on more trades and increases his size, all the while digging himself a deeper hole in the ice. The sensible thing to do would be to reduce your trading size and then stop and review your system."
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"Many traders ride an emotional roller coaster and miss the essential element of winning: the management of their emotions."
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"The markets are unforgiving, and emotional trading always results in losses."
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"Traders lose because the game is hard, or out of ignorance, or lack of discipline or because of both."
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