"The goal of a successful trader is to make the best trades. Money is secondary."
"Traders lose because the game is hard, or out of ignorance, or lack of discipline or because of both."
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Source: Alexander Elder (1993). “Trading for a Living: Psychology, Trading Tactics, Money Management”, p.1, John Wiley & Sons
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"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."
"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."
"Amateurs look for challenges; professionals look for easy trades. Losers get high from the action; the pros look for the best odds."
"The market does not know you exist. You can do nothing to influence it. You can only control your behavior."
"When a beginner wins he feels brilliant and invincible Then he takes wild risk and loses everything."