Quotes

“A trader should have no opinion. The stronger your opinion, the harder it is to get out of a losing position.”
-Paul Rotter 

“The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliche, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short.”
-Victor ‘Trader Vic’ Sperandeo 

“I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell.”
-Tom Basso

Know yourself.If you do not know yourself you can not know success as a trader. Trading well is a matter of mastery over emotion. While very simple, trading is hard because our emotions get in the way and we succumb to fear and greed. If you know what motivates you and understand how you react to risk and reward you can begin to succeed as a trader.

“Trading provides one of the last great frontiers of opportunity in our economy. It is one of the very few ways in which an individual can start with a relatively small bankroll and actually become a multimillionaire.”
-Jack D Schwager 

“The elements of good trading are: 1. Cutting losses, 2. Cutting losses, and 3. Cutting losses. If you can follow these three rules, you may have a chance.”
-Ed Seykota 

“I have two basic rules about winning in trading as well as in life: 1. If you don’t bet, you can’t win. 2. If you lose all your chips, you can’t bet.”
-Larry Hite

“The single most important advice I can give anybody is: Learn from your mistakes. That is the only way to become a successful trader.”
-David Ryan