[Soultrader]

A few great trading quotes that was recently emailed to me.

"When I'm wrong, I move on. Being stubborn as a trader is a sign of both immaturity and inexperience - two of which are the enemy of good performance. No matter what your skill level may be, you are going to be wrong lots of times. But, as the Wall Street maxim goes - good traders know how to make money, but great traders know how to take a loss." - Soros


Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money." - Bruce Kovner

"We must remember that when markets go parabolic (and they do indeed go parabolic from time to time) it is important to remember one of our oldest trading aphorisms: that the final 10% of the time frame of a bull market can, and often will, encompass 50-75% of the price movement. We may be in that environment now." - Dennis Gartman

I would like to start a contest for good trading quotes. Post your favorite trading quotes and nominated threads will then get voted. Winner and runner up will win Amazon gift certificates. 3 quotes per member maximum. If there is a duplicate, the first person who posted it will be voted for.Deadline is end of the month.

Enjoy!

[brownsfan019]

"Treat trading like a hobby and it will pay you like a hobby. Treat it like a business and it will pay you like a business." ~no particular author

[notouch]

"Everyone is a genius in a bull market."

I don't know who first came up with that one but it has been repeated many times. It's just a little reminder not to get big headed in times like these.

[darthtrader]

ahh, have to corner the market on Alexander Elder...

"A man used to go on a battlefield with his sword and try to kill his opponent,
who was trying to kill him at the same time. The winner took the loser's weapons, his chattels, and his wife, sold his children into slavery.
Now we trade on the exchanges instead of doing battle in an open field. When you take money away from a man, is it not that different
from drawing his blood. He may lose his house, his chattels, his wife and his children may suffer.
"

"There are plenty of dumb sheep waiting to be fleeced or slaughtered. The sheep are easy-but if you want a piece of their meat, you've got to
fight some very dangerous competitors."

My favorite one by Elder was something like:
"The man who risks more than 1-3% of his account on a single trade is like the fool who runs off to hollywood with a dream of becoming an actor and ends up working as a waiter."

"Newsletters are good entertainment. Your subscription rents you a penpal who sends amusing and interesting letters and never asks you to write back, except for a check at renewal time."

"Greed is good."- Gordon Gekko

"Pigs get fat and Hogs get slaughtered." - Unknown

"A broker who quits and become a daytrader is like a dealer who starts using his own product, or a casino boss who becomes a degenerate gambler, supporting the replacement team."- Heard somewhere by the lake

[torero]

"One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do... Most people always have to be playing; they always have to be doing something." Jim Rogers, Jr.

[MrPaul]

Cool thread, I have three I write down at the top of my daily notes each day.

"Trade what you see, not what you think" - Vadym Graifer

"Focus on the setup, not the result" - John Carter

"Everybody gets what they want from the markets..." - Ed Seykota

[Soultrader]

A few more I would like to add on the list emailed to me recently.

"You must ignore what everyone else is doing and trade only when you feel the odds are in your favor. In short, trade only when you and you alone are comfortable that the expected return of your trades will be positive. That might mean you'll have to sit out a few parties, but it will also mean that you'll have more profits over the course of your trading career." - Gary B. Smith

"On Persistence... My motto was always to keep swinging. Whether I was in a slump or feeling badly or having trouble off the field, the only thing to do was keep swinging." - Hank Aaron, baseball star

"I don't define my self-worth by my net worth. Winning traders feel good about themselves no matter how much they win or lose. They feel good about themselves because they know deep down that they have value as people. They look inwardly for self-acceptance, and follow their personal values; they don't care what anyone else thinks. If you want to trade the markets with a calm, astute, mental edge, you must develop a genuine sense of self-esteem. By making sure that you live by your own values, and fully accept your limitations, you'll develop a true sense of worth that won't be easily shaken by momentary setbacks or failures." - Mental Edge Newsletter