Trading Quotes

“Whatever your psychological and fears, whatever your inner demons, whatever your hidden weaknesses and obsessions, the market will seek them out, find them, and use them against you, like a skilled wrestler uses his opponent’s own weight to toss him to the ground.

Being a trader is a journey of self-discovery. Trade long enough, and you will face all your psychological handicaps – anxiety, greed, fear, anger, and sloth. Remember, you’re not in the markets for psychotherapy; self-discovery is a by-product, not the goal of trading.

A good trader accepts full responsibility for the outcome of every trade. You cannot blame others for taking your money. You have to improve your trading plans and methods of money management. It will take time, and it will take discipline.” – Dr. Alexander Elder in Come Into My Trading Room, Chapter 4 – The Mature Trader.

 

Although the ultimate goal of trading is to make money – much as the fundamental purpose of a business is to make a profit – there are many other aspects of trading that are beneficial to a trader if he is willing to peel his eyes off the equity balance figure. Trading is one heck of an emotional roller-coaster. If the trader harnesses the emotional highs and lows – even if dealt a unsuccessful trading experience – there would have been much to gain from a lifetime of trading. The last few sentences I quoted from Dr. Alexander sums up trading in an unappetizing but truthful way: discipline required – as is in any other area of life.

 

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