Top Lessons from the Top Pros. A MUST WATCH If You Want to Succeed in Forex!
hi there folks now doing this job week in week out putting out all my educational content sharing my experiences with you sometimes just sometimes invites some criticism from the small minority i am pleased to say normally it's those that say if you're so good at trading why are you doing all this education show us your profits well i'll tell you why i do all this week in week out because it actually helps me it helps me in my own trading as well and this week this last couple of days has been absolutely fantastic to that regard what i've basically done i've gone back and looked at all the other market professionals over the years seen what they've had to say about the markets what i've done today is now compile a short video with all the top quotes from the top traders that have helped inspire my life over the years come on let's have a look okay so let's get in to these top trader quotes now i encourage you to watch this video to the end we are going to whistle through quite a few quotes but actually think there's almost a trading course in this video alone if you can learn from these wizards of the market then you're going to be halfway there to achieving your successes in training so listen to these wise words by these wise men let's start off by looking at this chat martin schwartz trading is a psychological game most people think they're playing against the market but in reality they're playing against themselves a lot of traders in the past i've seen them blaming the market the market did this against me the market was unfair to me the market shouldn't have done this you're trading against yourself forget about what the market's there the market's not there to give you anything the market is there just as a mechanism or as a platform for you to extract um an income from market will always be there whether you're there or not you're trading against yourself understand that the psychological aspect of trading is the most important aspect of the entire game very words very wise words there said by martin it's all about you you're trading and playing against yourself now martin also went on to say a lot of people get enmeshed in the markets that they lose their perspective this day and age is quite easy to lose perspective everything's there in front of you on screens and so many different things you can be trading working longer hours doesn't necessarily equate to working smarter we are trained as people to believe that the more hours you put into your working day the more money you should be getting paid but often that is not the case when it comes to trading often the less hours you spend in front of your trading screen the better it is for yourself and the account also makes for a better lifestyle as well a lot of the reasons why people are drawn to the markets is that they actually have a better lifestyle they're in control of their life but then they spend 14 15 hours a day in front of the screen so less time at the screens maybe is something you might want to consider more time doesn't mean you're going to become a better trader if anything it could be detrimental to you as well now jesse livermore we're going to talk about him a bit more in detail in a moment he's got to be one of the uh the biggest articulators of trading advice over the years he's an absolute pro when it comes to his knowledge of the markets this one i really caught my attention and i think it's a great one there is time to go long basically when you buy there's time to go short basically when you sell and there's a time to go fishing that basically means you don't need to be in the market all the time pretty much a bit like we just saw there a moment ago time to step away from the market only be trading when it's the right time to trade the markets are not always conducive to a good trading environment appreciate that walk away go fishing quite a few of the wizards we're going to be talking about here today are going to be talking about the same um sort of the same uh theme so pay attention to that jesse we'll talk about jesse again in a moment uh bruce uh sorry bernard barish here trading investing it's not about how much money you can make but it's how much money uh you don't lose very very wise words a lot of people get drawn to trading because of the money how much money i can make i can give up my day job i can go and tell my boss to jump in the lake but the right professional trader the guy that's got half a chance he's thinking about how not to lose his money capital preservation thank you for that wise words there um from bernard and jack boggle here uh 1929 to 2019 i think uh jack was the founder of vanguard um the mutual fund time is your friend impulse is your enemy traders there that are taking trades on impulse they are doomed to fail trading is much more about time and time is your friend you can sit there all week and not trade it's up to you uh what you did die a couple of years ago maybe time eventually caught up on jack but very wise words there from jack time is your friend you are in control of the time you're in control of when you train and when you don't trade here's one from bill lipschootz if most traders would learn to sit on their hands for 50 of the time they would make a lot more money again the same theme very very wise words a lot of traders i see that are coming into the markets for the first time they're compelled to always want to be in a trade why because it's exciting it gives them that rush or trading shouldn't be like that sitting on your hands waiting for the best moment to pounce should be the approach you should be taking again the same theme time impulse be aware of that if all these gurus are talking about that all these wizards of the market then maybe we should be listening up to them i fear not the man that has practiced ten thousand kicks but i fear the man that has practiced one kick 10 000 times who said that then well of course it is it's our friend bruce lee now i'm not sure if boost intended this to be relevant to the financial markets but it certainly is i see many traders when they come into the markets for the first time they've got so many different strategies they're always in the market always got a trade running remember trading is all about emotions the more trades you got going the more strategies you've got going more intense your emotions will be so you're far better off mastering one perhaps the two strategies and just work and focus on that be a master of a few the key is consistency and discipline very wise words here from richard dennis a big author uh in the education field in the markets almost anyone can make up a list of all that was 80 as good as the ones that he teaches but what they can't do is give people the confidence um to stick to those rules when things go bad i think he's referring to here the ongoing mentoring you want to learn how to fly a plane you're not going to do so from reading in a book or watching on a youtube channel you need the ongoing mentoring which i'm sure he offers as well we offer it as well basically anyone can learn the rules from a book but to be a consistently profitable trader you do need the ongoing mentoring to make sure you keep on track so wise words there from richard dennis jesse livermore one of the biggest articulators again so in your own time i suggest you go and research jesse because he's got some really good quotes out there i've just included a few on this video but in the research of this video i saw literally hundreds and i'd love to have included them or maybe i'll do a video just on him at some point patience is the key to success not speed again all about patience time is a cunning speculator's best friend if he uses it right we can control time another jessie mall uh jesse livermore one price movement patterns are being repeated they are recurring patterns that occur over and over again with slight variations this is because markets are driven by humans and humans behavior really changes so he's basically advocating here the technical analysis using price action in his trading and it's still very very relevant today we teach price action as our one of our key ways to approach the markets because human behavior it does repeat itself that's why it's so important to understand how you can predict human behavior in the future by looking back at what humans have done in the past we are such a predictable race it also said not taking a loss that's what damages the pocket and the soul this really has got to be i think his best quote it really is that important many traders will sit in trades they can't take that loss they think it will come back they sit there praying that it comes back and eventually it damages their pocket they blow up their training accounts and all that does is not only lose money but it damages the soul it really affects the emotion so you're not able to take the loss the first cut is the cheapest have this in your trading plan if your laws align you take the trade and the rules don't comply with a profitable trade get out of the trade move on live to fight another day thank you jesse for that paul tudor jones while i spend a significant amount of time um on the fundamentals at the end of the day i'm a slave to the tape and proud of it he's basically saying he's a technical analyst he believes that what you see on the price chart is the fair value of a particular trading entity and the fundamentals basically come second a lot of traders ask me should they trade fundamentals or technicals let me pause the jones on this one i believe that technicals basically what you see on the price chart at the time is the value and hopefully we can predict where markets are going based on where we are today not on trying to guess what the fundamentals are doing who iterates i always believe that price comes first and the fundamentals come second that debate will go on forever and ever in the financial markets fundamentals technicals hello maybe you want to use a mixture of both me i'm a technical traitor so i'm with paul mark douglas now mark douglas is i think a life-changing person for me i followed mark basically pretty much all my trading life on the screens not before of course on the trading pits but certainly since i came onto the screens i didn't think i'd be where i am today without the contributions of the late great mark douglas unfortunately died a couple of years ago i don't work for mark i'm no affiliation to his company but i do think it's worth certainly picking up one of his books at some point you can go and google him as well as i say i think um you get them on secondhand sites as well so i've got nothing to benefit apart from sharing my opinions uh mark has come up with some great quotes over the years um 95 of the trading areas you make will stem from your attitudes about being wrong people can't face being wrong they don't like being wrong losing money missing out leaving your money on the table these are the four trading fears remember fear and greed and so forth mark really does home in on these uh traits that really are the um are the problems that many traders face uh learning to accept risk is a trading skill the most important skill you can learn i really love this and i talk about this all the time again in our uh live streams and you know we all understand about risk management yeah okay say we risk half percent per trade missed one percent of the trade okay you've got a thousand dollar account i'm only risking half percent i lose 50 i'm okay with that but are you really okay with that are you really happy to lose that 50 pounds dollars are you appreciative that is part of what the process of trading is all about saying that you're happy with that risk doesn't actually mean that you're happy with that risk you've got to appreciate it and accept it and accept that risk is part of what we do we have winning trades we have losing trade you have to accept those losing trades as part of the process of trading it is the most important skill you can earn in trading accepting the risk he's got a lot of quotes down here i'll whisk through them uh for the sake of time i predefine risk on every trade i think that's right i think you should have a predefined risk on each and every trade that helps to remove the emotions half percent quarter percent one percent or whatever that is i completely accept the risk or not or i'm willing to get out of the trade i'll have you the risk get out move on to the next one i act on my edges without reservation or hesitation he always talks about this uh you've got an edge you've got your back testing you understand your edge if it happens take the trade if you're sitting on the fence and you're procrastinating whether you should take the trade that's not a good trade to get into if the rules apply take the trade i pay myself as a market makes money available to me i continually monitor um my uh trading um to basically home in on those errors to maybe alleviate them at some point keeping a trading journal always evaluating your trading mark really does come up with some great advice tyler ballhorn now i don't actually i don't know too much about tyler i did find him on my research today but i love this quote simplicity in trading demonstrates wisdom complexity is a sign of an experience very easy when traders come into the markets for the first time there's so much going on there's so much going on that they over complicated i've seen charts before they look like you know just a plate of spaghetti with so much going on keep it simple what is it k-i-s-s keep it simple um stupid or whatever they call it do you recognize this chap of course you do it's warren buffett and what's he doing he's throwing a baseball he's got to be one of the most successful traders investors of all time but he homes in on a quite an important point here in this game the market has to keep pitching but you don't always have to swing you can let the ball go you can let the ball go again it's all back to what the others are saying timing impulsive trading you can stand there with your bat on your shoulder for six months waiting uh to take that pitch when you get the flat pitch there very very true you don't have to be in a trade wait for the high probability trades for them to come along very very wise words there from mr buffett it's dakota uh it's the coder uh again a good no eater uh good educator in the market so i got to know a bit about ed by reading one of these books the market wizard you may have seen it again i'm not affiliated to these guys at all lots of really good traders featured in these books it's the coaches one i really liked what he had to say again something that really helped me in my training when i came onto the screens um back in 2005. setting a stop loss is probably the most important job setting a stop loss a lot of traders don't even use a stop loss but setting it at the right place is very very important handling risk is the key to longevity a lot of traders think how much money they can make they're not thinking about the risk that is very very important don't expect a steady paycheck from trading yep true you're going to get down periods you're going to get drawdown periods you have to appreciate that so what you do in those drawdown periods is very very important you have to appreciate that everyone has drawdown periods let the market be your guide the market is always right a lot of people i've heard say the market was wrong market shouldn't be up where it is yeah do you remember uh you know the stock market is pushing new highs the market's too high it's overbought the market's got this wrong well i think we've got other quotes on that one as well the market is right it's what you do in between that decides whether you're going to make money or not good timing is important remember this chap of course you do of course you don't albert einstein well you might do um i certainly don't remember him but i know a lot about him he said a lot of things in his time did albert and i think one of the most important things he said all the time was i didn't say that anyway apparently he said this as well compound interest it's the eighth wonder of the world those that understand it they earn it those that don't they pay it i'm often quoting this in my trading education as well compound interest it is the way to grow an account over time basically letting the account grows that basically means your account is going to get bigger in the winning times and it's going to be protected in the losing periods as well if you don't understand compound interest if you got a credit card then you will understand compound interest because that's when your debt to the credit card company is getting bigger and bigger every month as you don't pay it off thank you albert for that you've given me a lot of ammunition in my trading education as well bruce governor i know where i'm getting out before i get in i get a lot of this even inside our trading room saying when should i get out i'm losing money uh shall i stop out here when should i take my profits quite frankly if you don't know when you're going to get out of the trade you shouldn't be getting into the trade so i do feel for those who are in trades that are going against them and they ask me where to get out i don't know where to get out i didn't get into the trade in the first place i wouldn't certainly walk into um a room without knowing i can get out of it so why am i going to walk into a trade with risking my own money my family's money without knowing where i'm going to get out thank you bruce don't get into a trade without your stops and profit targets in place of course you might want to trail but you've got you all set up before you enter that trade as well okay tony robbins i think we all know who tony robbins is he's a motivational speaker uh covering lots of uh different uh fields of business and life but i think this is quite relevant to the financial markets as well it's not that what we do once in a while that shapes our lives is what we do consistently again it's about consistency in the markets anyone can have a winning trade knocks the ball out of the park makes 20 30 on a trade those that boy bitcoin back in the day they'll know all about that but it's what we do consistently if you want to be in this game for the long haul if you want to tell your boss then you need to have consistency in the markets so thank you tony for that i've never actually seen you live maybe it's on my bucket list at some point i'm only rich because i know when i'm wrong i basically have survived by recognizing my mistakes you gotta recognize your mistakes you only learn by interface normally when you make mistakes in the financial markets it costs you money across your back pocket well don't waste that money learn from them learn from your mistakes that lost money shouldn't be a waste of money learn from that make sure that you don't do it again losing by the way mistake isn't when you lose money in the markets that happens to all of us but a mistake basically is what you should be learning from thank you for that uh george george and i well not literally me but i was fighting george back in the uh back in the day when he was taken on the bank of england i was trading in the in the trading pits in london the markets were going crazy i didn't know who we were trading against at the time found out later that it was george sauce trying to smash the pound um i was in the trading pits trading at the time maybe against him for some period of the time or we know he won the game on that one and lastly the trend is your friend until the bend at the end that's me well i think it's me i haven't heard anyone else say it yet i'm a trend follower i always like to follow trends i like to get into trends on pullbacks but i'm also aware that trends don't last forever that's one of the reasons why i try to avoid trends when they're about to change hopefully we can help predict keep us out of certain markets when they are about to reverse one of the teachings that we do inside the trading room here so the trend is your friend but beware of that bend at the end don't think it will last forever don't be shy of taking profits along the way okay so that's basically it these are the top quotes that i have found um in my research i actually found the research quite exhilarating really and gave me some uh some good uh tips for my own trading as well now if you like the video as always give me a thumbs up give me a thumbs down if you didn't um why don't leave a comment now let me know some um quotes that you found beneficial in your trading as well don't forget to follow us on all the socials as well subscribe the channel if you don't already do so bell notification that notifies you when the next video is coming out now we are streaming live around the clock uh up to six times a day five days a week if you want to take part come over introduce yourself to me talk to me in person you can do so just head over to for signals com i'll roll out the red carpet for you if that's not your thing that is not a problem i will see you next week and have a good week
2021-09-04 20:39
