Stop looking for forex tips!
Ha ha! Yeah, enough of it! Basta! We’ve got you covered with the most important ones. Now go ahead and look at the forex market with a different attitude. But before you continue to the next section of ForexBeginning we’ll leave you with a collection of quotes by successful traders.
Forex Quotes Food for Thought
“If what you’re doing is right, it will work even if people have a general idea about it. I always say that you could publish trading rules in the newspaper and no one would follow them. A key is consistency and discipline.” Richard Dennis, legendary Chicago commodity trader, who set up the ‘Turtles’ trading group
“They don’t know anything about bonds. They don’t know anything about currencies. I don’t either, but I’ve made a lot of money trading them. They’re just numbers. Corn is a little different than bonds, but not different enough that I’d have to trade them differently. Some of these guys I read about have a different system for each market. That’s absurd. We’re trading mob psychology. We’re not trading corn, soybeans, or S&Ps. We’re trading numbers.” Tom Willis, Richard Dennis’protégé
“The trend is your friend, except at the end when it bends” Ed Seykota, commodities trader
“Money management is the true survival key.” Bill Dunn, trend following trader, founder of Dunn Capital
“Trading without a predefined exit strategy is a recipe for disaster”, Bill Dunn
“Fundamental economics are nice but useless in trading. True fundamentals are always unknown.” Jerry Parker, one of the ‘Turtles’
“They say patience is a virtue. For me patience is synonymous with discipline. You must have the discipline to know that markets change and poor periods are followed by good periods. Longevity in this business – I have seen it again and again – is measured by discipline.” John W. Henry, futures and forex trading advisor, and a principal owner of Boston Red Sox
“There’s always part of a trader’s psyche that wants to make losses back tomorrow. But traders need to remember you lose it really fast, but you make it up slowly. You may think you can make it up fast, but it doesn’t work that way.” David Druz, a student of Ed Seykota
“Wall Street never changes, the pockets change, the suckers change, the stocks change, but Wall Street never changes, because human nature never changes.” Jesse Livermore, legendary stock market trader
“Don’t count on gaps being closed unless you can distinguish between breakaway gaps, normal gaps, and exhaustion gaps.” Richard Donchian, originator of the managed money industry
“It’s easier to trade for one’s self than it is to trade for other people.” Richard Dennis
"When I'm bearish and I sell a stock, each sale must be at a lower level than the previous sale. When I am buying, the reverse is true. I must buy on a rising scale. I don’t buy long stocks on a scale down, I buy on a scale up." Jesse Livermore
"I'm more concerned about controlling the downside. Learn to take the losses. The most important thing about making money is not to let your losses get out of hand." - Martin Schwartz (Buzzy), a great Wall Street trader who wrote Pit Bull: Lessons from Wall Street's Champion Day Trader
"The best traders have no ego. You have to swallow your pride and get out of the losses." Tom Baldwin, a bond trader, described by the Wall Street Journal as the trader who can single-handedly move the T-bond market
“The elements of good trading are cutting losses, cutting losses and cutting losses.” Ed Seykota
“It’s the intricacies of the game itself that drives me. It’s about getting up everyday and trying to figure out how to beat the market.” Bill Lipschutz, forex trader featured in the ‘New Market Wizard’s by Jack Schwartz
