Sayings from long ago made famous through movies, books or other media outlets ...
"Frankly, my dear, I don't give a damn!"
-Rhett Butler, Gone With The Wind, 1936
Recite that to yourself after taking a loss! Losses in trading are unavoidable. If you are not comfortable in taking a loss then you need to go back to paper trading or trading a demo account. Taking losses are beneficial because that will stop a loss from potentially wiping out your whole trading account. Be happy with a pre-calculated loss that is within your money management rules.
"The one that got away"
-Jims Dad, American Pie, 2001
Don't let one loss decimate your trading account! Use stop losses that are within your risk tolerance level.
"What we've got here is a failure to communicate."
-The Captain, Cool Hand Luke, 1976
Or, lets say it this way ... "What we've got here is a failure to follow our trading system". We all do this don't we? Think up, design, develop a great trading system that is back-tested, forward-tested, side-tested and seems to perform fine. Then we start trading it and we start taking extra trades that are not part of our system. We even exit trades early, even though our trading system tells us we should stay in the position!
Solution is to get super disciplined or set up your trading strategy on a automated platform like metatrader 4. ie Learn to control your emotions or use robots that don't have emotions.
"The Lord is my shepherd, I shall not want"
-King David, 1000BC
Keep money in perspective.
"It was the best of times, it was the worst of times"
-Charles Dickens, a Tale of Two Cities, 1859
This is what happens when you trade without knowledge, without a system and without money management. Your trading account will swing between high and low.
"My Mama always said, 'Life was like a box of chocolates; you never know what you're gonna get.'"
-Forrest Gump, 1994
Try buying a trading system or automated trading robot without independent third party results. "You never know what you're gonna get."
"Two roads diverged in a wood, and I -- I took the one less traveled by, And that has made all the difference."
-Robert Frost, 1915
Don't be like most people. Most people start trading the forex markets without knowledge. Put in some hard effort to study to become a forex trader.
Comments for Famous sayings ... to think about when trading
Click here to add your own comments
Join in and write your own page! It's easy to do. How? Simply click here to return to What's Interesting.