Risk reward2 Jan 2021 09:49
Why do you think unsuccessful traders are obsessed with market analysis? They crave the sense of certainty that analysis appears to give them. Although few would admit it, the truth is that the typical trader wants to be right on every single trade. He is desperately trying to create certainty where it just doesn’t exist.
It doesn’t matter how good your market analysis is, it can still be wrong. You need to remember that it is not an exact science.
If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.
The perfect trading quote for highlighting the importance of being a detached trader. Don’t give in to the pressure the market puts on you.
Throughout my financial career, I have continually witnessed examples of other people that I have known being ruined by a failure to respect risk. If you don’t take a hard look at risk, it will take you.
Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected.
Although we can never be 100% sure what direction the markets will move, some things can be estimated and some things can’t.
Trading doesn't just reveal your character, it also builds it if you stay in the game long enough.
Attaining the skills to become a great trader is a lifelong journey. To be successful requires you to make changes in your life.
Focus, patience, wise discernment, non-attachment - the skills you acquire in meditation and the skills you need to thrive in trading are one and the same.
Four essential skills any successful trader needs. They won’t just help you trade better, they can also help you lead a better life.
Trading is very competitive and you have to be able to handle getting your butt kicked.
Don’t give up just because your trading plan fell apart. You need to learn from that experience and keep going!
Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.
Losing a trade is not the end of the world. If you learned something from it, you still got something out of it.
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.
Not all of your trades will be successful. Therefore, you can only become a good trader by learning how to minimise your losses.
I know where I’m getting out before I get in.
A clever quote for entry and exit strategies. Before you start your strategy, you need to know where you’ll enter and exit.
The trend is your friend until the end when it bends.
Nice to see you back WeatherGeek, you have a lot of supporters so I hope you can continue your valued informative constructive posts.
All the best
Wozzer