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7 Famous Quotes of Top Traders to Help You in Trading
Here are some quotes from some of the world's top traders, including notable figures like Warren Buffett, the billionaire and stock market trading legend, and Jesse Lauriston, who made a multi-million dollar fortune trading in the 17th century:
1- Risk comes from not knowing what you’re doing
Of course, we will start by talking about the businessman and billionaire Warren Buffett, who is considered a legend in the world of trading. Warren Buffett stresses that risks arise when you do something you do not know well. Therefore, it is necessary to learn and study risk management well before we start trading.
2- The goal of a successful trader is to make the best trades. Money is secondary.
The above quote comes from American trader and businessman Alexander Elder, who also works in the stock market. In this quote, Elder says that a successful trader places more importance on good trades than focusing only on the expected profit.
Trading requires skill, focus and discipline, so focusing on choosing the best trades and timing them is essential. When the process is successful, financial gains will come automatically.
3-Losers average losers
There is a famous photo of trader Paul Tudor Jones relaxing at his desk with his feet up, and the caption “Losers average losers” is on it. This may sound vague, so let’s find out what it means.
The famous trader Paul Tudor warned 100 years ago about averaging losses, meaning that when a trader stubbornly keeps adding more losing positions, he is causing more losses. Tudor says that if you are not confident about the losing trades you have open in your account, do not open more losing trades, because this will lead to more losses.
4- The game taught me the game. And it didn’t spare me the rod while teaching
Among the famous sayings of great traders is the famous saying of the famous stock trader Jesse Lauriston, who says: “The best way to understand the game of trading is to play it yourself.” You can read many books and take educational courses, but you will never be as skilled as the person who has applied what he learned in reality.
So, you need to experience trading yourself and go beyond the theoretical experience to understand the market. Your experiences will not only ensure that you do not repeat mistakes, but will also make you gain confidence in your evaluation of others and your own analysis.
5-The biggest risk is not taking risks. In a world that is changing really fast, the only strategy that is guaranteed to fail is not taking risks.
One of the important quotes that we will mention in the article “Quotes of the Great Traders” is a quote by billionaire Mark Zuckerberg, founder of Meta and former CEO of Facebook. In this quote, Zuckerberg talks about risk and its importance in the markets in general.
According to Mark, all markets carry risks, and this is an undeniable fact. He even goes on to say that everything in life carries risks. However, the biggest risk is not taking risks and not trying new things. Staying in your comfort zone is the only place where failure is guaranteed.
6-If you have a losing position that makes you uncomfortable, the solution is very simple: get out, because you can always get back in it. There is nothing better than a fresh start.
This quote also comes from Paul Tudor, and is arguably closely related to the previous quote. The goal is simple and clear, which is to not let a losing trade get out of hand.
If you find yourself in a losing trade and feel scared or uncomfortable, the best thing to do is to close the trade and wait for a new opportunity. We can say that the worst scenario that can happen to you is failing to exit losing trades well.. which leads to turning a small loss into a big loss.
7- All you need is one pattern to make a living
This quote comes from prominent trader Linda Raschke, who has been trading the financial markets for over 35 years... and owns one of the 17 largest active hedge funds in the world.
Linda talks about simplicity in trading, saying that you can trade and make profit using one pattern. Analyzing this quote, we find that experience has proven that simplicity is the secret to success in trading##