Trading can be a very stressful. When our trades do not go to plan and make consecutive losses, it is human nature to let our emotions take control. Unfortunately, when this occurs it can lead to:
- Over trading to cover a loss
- Cutting a losing trade too early to find the next holy grail
- Deviating from your trading plan and FOMO into another trade
- Removing your stop loss on a losing trade in hope it will recover (HODL)
- Enter a trade at all-time highs that will 100x according to social media
If YOU have found yourself in this position before, all you might need is a little inspiration, motivation and guidance from successful traders and investors. I can say for sure that it has certainly helped me over the years.
With that said, here are this week's 5 quotes and sayings from successful traders:
“By risking 1%, I am indifferent to any individual trade. Keeping your risk small and constant is absolutely critical.”
–Larry Hite“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you‘re wrong.”
-George Soros“Don't ever make the mistake of believing that market success has to come to you fast. Trade small, stay in the game, persist, and eventually, you'll reach a satisfying level of proficiency.”
-Yvan Byeajee“What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.”
-William O’Neil"I learned to avoid trying to catch up or double up to recoup losses. I also learned that a certain amount of loss will affect your judgment, so you have to put some time between that loss and the next trade."
-Richard Dennis