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:
“I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell.”
– Tom Basso“Don’t focus on making money; focus on protecting what you have.”
– Paul Tudor Jones"The goal of a successful trader is to make the best trades. Money is secondary.”
– Alexander Elder“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.”
– Ed Seykota“Letting losses run is the most serious mistake made by most investors.”
– William O’Neil