Trading psychology or emotional management is important for a successful forex trader. What are the secrets to implement it to reach the goal of financial independence?
From slippage to income tax, here are several hidden costs in forex trading that you should know if you want to give full commitment as a full-time trader.
Have you ever wondered what makes a trader successful when most traders end up losing money? Turns out there are surprising things you need to learn about successful forex traders.
SPX, NASDAQ, and Dow Jones plummet following the US inflation rate's amazing growth. If this continues, the US stocks might continue their bearish tracks.
"Fundamentalists who say they are not going to pay any attention to the charts are like a doctor who says he's not going to take a patient's temperature."
Jim Rogers
"I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime."
Mark Douglas
"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."
Bill Lipschutz
"If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money."
Martin Schwartz
"Learn to take losses. The most important thing in making money is not letting your losses get out of hand."
Paul Tudor Jones
"I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have"
Peter Bernstein
"The fundamental law of investing is the uncertainty of the future."
Alexander Elder
"The goal of a successful trader is to make the best trades. Money is secondary."
Bruce Kovner
"Novice Traders trade 5 to 10 times too big. They are taking 5 to 10 percent risk, on a trade they should be taking 1 to 2 percent risk on."
Jesse Livermore
"There is a time to go long, a time to go short and a time to go fishing."
Ed Seykota
"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."
Jack Schwager
"There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer."
Larry Hite
"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."
Warren Buffet
"We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful."
Nicolas Darvas
"I believe in analysis and not forecasting."
Bruce Kovner
"If you personalize losses, you can’t trade."
George Soros
"It’s not whether you’re right or wrong that’s important, it’s how much money you make when you’re right and how much you lose when you’re wrong."
Warren Buffett
"Risk comes from not knowing what you're doing."
George Soros
"Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected."
Bruce Kovner
"I know where I’m getting out before I get in."
Jack Schwager
"There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer."
Victor Sperandeo
"The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading."
Alexander Elder
"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."
Peter Lynch
"In this business, if you're good, you’re right six times out of ten. You’re never going to be right nine times out of ten."
Michael Marcus
"Being a successful trader also takes courage: the courage to try, the courage to fail, the courage to succeed, and the courage to keep on going when the going gets tough."
Alexander Elder
"Amateurs look for challenges; professionals look for easy trades. Losers get high from the action; the pros look for the best odds."