Famous sayings ... to think about when trading

by Fritz

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.

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Mar 10, 2015
Mark Twain and the Majority
by: Anonymous

[Whenever you find yourself on the side of the majority, it is time to pause and reflect.

Mark Twain]

11 March 2015, Jim Martens from Elliot Wave International explains when talking about the recent large downward move in the Euro and large bullish move in the US Dollar ... "The current timing of the "parity" talk in the media is key. It’s interesting that we see it now, after a huge decline. This is very typical! At major turning points, sentiment is supposed to be extreme. There is a reason why extreme sentiment signals a turning point: First the trend gets popular, then it becomes too popular, then there is no one left to buy (or sell).

But the markets are doing what they are supposed to be doing: inflicting the most pain on the most number of people. The majority always gets caught on the wrong side at big reversals. Always. For me, the news of the public piling into a trend is another snapshot of the market sentiment. That’s useful information. Markets fool the most number of people at the most unexpected moments, but by tracking sentiment -- and the news -- you can prepare yourself".

Read more: http://www.elliottwave.com/affiliates_pr/archives/2015/03/09/Market-insight-U.S.-Dollar-at-11-Year-High-Against-Euro-aa.aspx#ixzz3U1xdq4UN
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