Home > Uncategorized > Great Quotes from first half of TDT

Great Quotes from first half of TDT

  1. One of the most important lessons to becoming a successful trader:  how to”accept” a loss without any negative consequences.  No guilt, anger, shame,or self-punishment.
  2. Trading looks so simple, when in fact most people will find it to be the most difficult endeavor they undertake.  Success will always seem so close, and yet always so elusive.
  3. Believing that trading is easy is the reason for the unrealistic expectations.  And they are probably the single biggest reason why most traders never make it beyond the initial levels of development before they lose all there money.
  4. Regardless of how long it may take any individual to admit that he’s not making it, the experience is painful and invariably generates feelings of inadequacy, guilt, and even shame.
  5. As a trader, you have to decide what is more important — being right or making money — because the two are not always compatible with one another.
  6. In an unstructured and unlimited environment (like the market), it is essential that you establish rules to guide your behavior.
  7. The typical trader will do most anything to avoid creating definitions and rules because he does not want take responsibility for the results of his trading……the only way to learn how to trade effectively is to make oneself accountable by creating structure, but , with accountability comes responsibility.
  8. If you can’t define your own behavior and that of the markets, you can’t learn how to repeat your wins or prevent your losses.
  9. Consider that the markets can’t do anything to any trader who completely trusts himself to act appropriately, in his best interests under all market conditions.
  10. Creating definition and rules to make yourself accountable is but a first step on the road to lasting success.  You could acknowledge their necessity and establish them, but then find to your dismay, it is extremely difficult to abide by them.
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