3 Essential Trading Goals for Long-Term SuccessIn this post, I want to talk about three trading goals that every trader should aim for.Before we get into it, let me give you a little context…A while back, I read an interview with a professional swimmer who had just competed in a major championship. He explained how he
When in doubt, get out and get a good night’s sleep. I’ve done that lots of times and the next day everything was clear… While you are in , you can’t think. When you get out, then you can think clearly again. Every trader at some point was or will be influenced by emotions to
The hard work in trading comes in the preparation. The actual process of trading, however, should be effortless. In this quote, Jack Schwager, author of the best-selling book series Market Wizards, suggests that traders should devise an action plan before market-open; before they become subject to wild emotional swings and short-sightedness. During the trading session, traders should
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. This quote by Peter Lynch (a famous American investor and mutual fund manager) suggests that being right all the time is not necessary to succeed in the market. Instead, Lynch emphasized the
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. This is a quote by Larry Hite, a successful hedge fund manager, and it suggests that in both trading and life, taking risks
The market is a reflection of the collective human psyche. To be a successful trader, you need to understand yourself and your emotions, as well as the emotions of others in the market. This quote by Linda Raschke highlights an important aspect of trading: one must understand the human element of the market and how