“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.” ThinkingWayTryingWould BeTurnsSuccessfulLosingIncreaseLuckTradeSizeCornersDeeperHolesIceThings To DoReviewsLoserSensibleTradingKeep TryingDiggingStreaksAround The CornerTraders Author:Alexander Elder
“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.” NeedsMindWellsFeelingsThreeSpaceSuccessfulPsychologyFocusDependsMassMethodSellsManageFirmAnalysisPullingTradingTriggersBeginnersTradersStock OptionsPulling The Trigger Author:Alexander Elder
“When I was 15 years old I read an article about Ivan Boesky, the well-known takeover trader - turned out years later it was all on inside information! But before that came to light he was very successful, very flamboyant. And I thought, "This is what I want to do". So I'm 15 years old, I decide I'm going to Wall Street.” WantYearsWellsLightKnownSuccessfulStreetsInformationWallWell KnownTradersFlamboyantTakeovers Author:Karen Finerman
“It's very difficult to be different from the rest of the crowd the majority of the time, which by definition is what you're doing if you're a successful trader.” IfsDifferentDifficultSuccessfulMajorityDefinitionsCrowdsTraders Author:Bill Lipschutz
“A successful trader is rational, analytical, able to control emotions, practical, and profit oriented.” AbleEmotionSuccessfulProfitPracticalsRationalTraders Author:Monroe Trout
“Unfortunately, skill in evaluating the business prospects of a firm is not sufficient for successful stock trading, where the key question is whether the information about the firm is already incorporated in the price of the stock. Traders apparently lackthe skill to answer this crucial question, but they appear to be ignorant of their ignorance.” AnswersSuccessfulInformationIgnoranceKeysSkillsInvestingIgnorantFirmSufficientCrucialTradingProspectsTraders Book:Thinking, Fast and Slow Source: Thinking, Fast and Slow
“Regardless of what we think we know and should happen the reality is that a lot of stock action is random. Therefore, money management is crucial if you want to be successful as a trader. To me, it`s the cornerstone of both making a living at trading and building wealth.” IfsThinkingKnowsWantShouldRealityHappensActionWealthSuccessfulBuildingManagementBeing SuccessfulCrucialTradingCornerstonesTradersMoney ManagementMaking A LivingBuilding Wealth Author:Jeff Cooper