10 Famous Quotes for Trading
There are some meaningful and aspiring quotes that i have read from books or i heard from my coaches. Today i’m going to share with you guys. Hope that it will inspire you and you might use the quotes as a daily reminder or as a form of motivation.
“Trading is hardwork, laborious and boring, just like any other jobs. If you are excited about it, you are gambling” by Conrad
“There is no calamity greater than lavish desires. There is no guilt than discontentment. And there is no greater disaster than greed.” by Lao Tze
“Its not about being right or wrong, rather, its about how much money you make when you’re right and how much you don’t lose when you’re wrong” by George Soros
“Luck is what you have left over after you give 100 percent” by Langston Coleman
“In the business world, the rear view mirror is always clearer than the windshield.” by Warren Buffet
“Experience is a hard teacher because she gives the test first, the lesson afterwards.” by Vernon Sanders Law
“Human beings, by changing the inner attitudes of their minds, can change the outer aspects of their lives.” by William James
“The only that overcomes hard luck is hard work.” by Harry Golden
“A goal without a plan is just a wish.” Antonie de Saint-Exupery
“If i can do it, so can you” by Adam Khoo
Importance of money management
In Jack Schwager’s book Market Wizards, Schwager interviewed some of the world’s top traders and investors, nearly all of whom emphasised the importance of money management. Here are a few of my favourite excerpts:
‘Risk management is the most important thing to be well understood. Undertrade, undertrade, undertrade is my second piece of advice.Whatever you think your position ought to be, cut it at least in half. ’
-Bruce Kovner
‘Never risk more than 1% of your total equity in any one trade. By risking 1%, I am indifferent to any individual trade. Keeping your risk small and constant is absolutely critical.’ –Larry Hite
‘You have to minimize your losses and try to preserve capital for those very few instances where you can make a lot in a very short period of time. What you can’t afford to do is throw away your capital on suboptimal trades.’
–Richard Dennis
Confidence, Discipline and Consistency
While day-trading is a great way to make a living when you are consistently profitable, it can also be the worse career choice if you consistently lose. Continue forward with system development, or working towards effective risk management, money management, or mastery of your trading psychology. Trading psychology means the big 3: discipline, confidence and consistency.
The trading psychology takes precedence because it is needed to make sure that the other two are followed.
It takes a skilled trader to understand execute all of the things that are needed to be successful and earn a significant amount of profit doing this alone.
Money Management is essential to preserve your trading capital and is simply a set of rules that governs how much money you have at risk.
Take control of your trading Psychology and adhere to strict discipline in trading your developed and refined Trading System.
Building confidence on the system is extremely important as that is the only reason why you stick to the system during bad times. Day trading requires focus and discipline on the part of the trader with a high degree of risk tolerance since losing trades are numerous.
An investor who uses one system and follows a specific set of guidelines when making a decision, follows system trading, and will usually never deviate. The biggest conflict that is causing this is your belief in pain.This may be caused by your pain for loss or your need to be right. OK, if you’ve tried a system for a decent amount of time and it’s showing a permanent loss then it’s time to move on. Fear…implies anxiety and usually the loss of courage.
Stabilize the current situation to be stable in any kind of trading situation.
In reality, they wish to financial independence because it presents them with a great deal of freedom. We also have to have very clear and realistic concepts about what trading is and align our expectations with reality. Once you have found a robot that is worth paying for, please do not expect to earn thousands every day, be smart and set yourself achievable, realistic goals. If you expect day trading to eventually pay your bills, how do you expect to accomplish this is you don not put in full time hours? And in the worst case, you’ve got to live with big losses.
And what if these 4 losing trades occur in a row? There are three kinds of people in the world.Those who make things happen, those who watch things happen and those who wonder what is happening. Let’s take a closer look at the key metrics you need to pay close attention to.7 Metrics You Cannot Ignore When Analysing Your Trading System:1. It is the consistent application of the system, which has a winning edge, that yields the profits.Risking 5% caused stress when I encountered a few losing trades. Today it makes my trading far easier to understand.You build discipline to help you go through times you may not feel like trading.
It is vital as part of trading psychology that one properly analyze the metrics and track their numbers, as backtesting alone will only help to a limited degree. Through analyzing your system’s performance and paying particular attention to these metrics, you give yourself the best means to increase your profits. It is thus natural to ask: is there any way to enhance one’s self confidence?
The answer to this question is surprisingly simple: yes, it is, and it’s called “practice". It is vital to adopt the correct trading psychology.
Dear friends,
Actually, it has become a choppy choppy Tuesday yesterday without any volumes.
As warned many times in the same space,
When you find Nifty Futures trading with low volumes above an hour continuously, please do not enter into a day trade.
Now what we look forward to …?
DAY TRADING STRATEGY OF NIFTY FUTURES (APRIL 7)
If Nfutures trades below 5369 for 20 minutes, and cuts
5347 Slide upto 5326-5314 is possible (BRIGHT CHANCES)
Otherwise…
Watch an hike upto 5413-5425 if cuts 5390 with volumes
(Please refer ‘OUR POLICIES’ before you leave the site)
Contact Admin @
(0)9788563656
&
(04142)236656
-Mahindeesh (a) Sathish
Cuddalore-2
Tamil Nadu
KNOW YOUR BUSINESS JARGON (Continued…)
(Presented in an alphabetical order)
TODAY’S LESSON
66) ASSET VALUE OR NET ASSET VALUE (NAV): The as on date value of mutual funds, master shares and other investment trusts.
67) ASSIMILATION: Complete absorption of a new issue by the market, i.e., with no shares unsubscribed.
68) ASSOCHAM: Associated chambers of commerce and industry of India
69) AST: Automated Screen Trading (of equity shares, derivatives and commodities)
70) AT A PREMIUM: At a price higher than that printed on the share certificates, i.e., above a par. When a well-established company issues new share, either as rights or to the public, it may ask for a higher place .The difference between the face value and the price at which a share is now being issued is called the premium.
(To be contd…)
TODAY’S QUOTE
The true artist will let his wife starve; his children go barefoot, his mother drudge for a living at seventy, sooner than work at anything but his art.-GEORGE BERNARD SHAW
We try to tag along (or bear in mind)
TODAY’S QUOTES in day-to-day life, in our business united with our own innovative thoughts.
RELAX CORNER
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I was at the zoo.
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