Many traders will tell you that success in trading is about a lot more than just knowing your way around the markets. To succeed in this business, you have to handle the extreme ups and downs that come with being a trader.
To keep going when things get tough, it's important to surround yourself with people who have experienced similar challenges and have been able to overcome them. Here are some quotes from successful traders who have gotten through the tough times and are now enjoying the financial rewards that come with doing what they love.
Motivational Quotes to Inspire Your Trading
"My success in trading has been due to simply doing what I have been taught to do. It is incredible how many traders will say that a training program was no good, but when you look over their shoulders as they trade, they are actually not following the trading rules they were taught" - Rosalind Song
Rosalind Song is an American professional foreign exchange trader. She trades forex, gold, and indices. She has been trading for a living for prop firms for many years.
The quote is a great reminder that following the trading rules can be key to your success. Other factors can come into play, but it is best to avoid over-thinking things and stick to your trading plan.
Trading is challenging, but you can make it easier through the process of learning and improvement. It may take a lot of time and effort to learn how to trade or to master your trading skill, but the benefit will be there for sure.
If you can apply what you have learned from various sources and are eager to improve your trading skills, then learning from successful traders can help you achieve your goal.
"40% of all behaviour is genetic, and 60% is learned - which is good news because if we've learned something, we can unlearn it to learn a better pattern of behaviour"- Mandi Rafsendjani
A proven trading psychology expert, Mandi runs top-performing trading psychology and peak performance training firm. Mandi works with independents, proprietary trading groups, and brokerage firms looking to equip their traders to achieve their financial goals in the current challenging market environment.
This is a very important quote. It means that if you have been doing something wrong for a long time or something that has caused you to fail, it is possible to change it and become a better trader.
Trying to follow the advice of others is not the best way to fix your trading problems. Instead, try to figure out what is causing the situation in the first place. Once you know what is causing your problems, you can find out how to fix them.
For example, let's say that when the market goes up, you get too excited and overtrade. You have been losing money with this strategy so far.
One thing that could be causing this is that you are afraid of missing out on profits. If this is the case, then take small profits early as soon as they present themselves. This will ensure that you do not get over-excited and over-trade when the market goes up.
Another example will be if you have been losing money because you have been trading too big of lots. In this case, try switching to smaller lots until your trading has improved so much that you can trade big again. The key point here is that sometimes it may be easier to go back to basics to improve your trading.
"Women have a lot going on in their lives - and forex demands time to learn." - Luyanda Shando
Luyanda Shando is a self-taught BluFX trader based in South Africa and has been actively trading the financial markets since 2017. She has developed a successful trading system to trade various instruments, including currency pairs, commodities, stocks, and indices.
In the UK, women account for just 11% of all currency traders, a figure that has remained stagnant since 2010. In many ways, this is unsurprising. The financial sector as a whole has long been considered a "man's world."
However, we are on the cusp of change. For decades, gender equality in the workplace was considered to be impossible. But now, more and more women realize that they too can be successful in the financial sector. If you are serious about your trading career and are willing to dedicate yourself to learning, there's no limit to what you can accomplish.
"Trading is a mental sport. If you master the markets, you can be a great analyst. But you must master your mind to be a great trader"- Barry Burns
Barry Burns, who has owned and operated several small businesses, now runs Top Dog Trading. Top Dog is an educational seminar company that teaches traders how to become consistent in the shortest time possible. Barry Burns is a successful trader with over 25 years of experience. His YouTube channel is filled with videos that teach traders his successful strategies.
It is extremely difficult to master your emotions when trading frequently because emotion-driven mistakes tend to compound themselves the more often they occur. This is what leads so many traders down a path of ruin. They repeatedly fall prey to the same mistake over and over again before they ever learn their lesson. Don't let this happen to you!
Expect to lose at some point, but don't jump off the deep end into self-pity. That is not going to help you. Accept that failure happens, and then use it as a lesson for doing better next time.
You're going to make mistakes, but you can't let those mistakes change who you are as a person. Let go of ego and fear. Be honest with yourself and others. Own up to it and learn from it if you make a mistake. Don't repeat the same mistake twice because you didn't listen the first time around.
Improving your trading psychology will take time and effort, but the payoff is huge in terms of long-term success, peace of mind, and a positive attitude towards trading in general.