Trading Wisdom

The purpose of this thread is to share little pieces of trading wisdom which you have picked up over the years. There is a lot of wisdom in this forum whereby a lot of people can contribute a little seed.

I believe wisdom is central to success in trading. Just one little seed, a mere sentence can cause one to dwell upon that little truth for days, changing the way one thinks, and ultimately changing the way one trades.

What pieces of wisdom have you learnt. What quotations do you trade by?

A lot of new comers experience the 'fear of missing out'. The fear of missing out will cause you to make irrational trading decisions. It will make you jump into low probability trades with no trading plan.

Curb the fear of missing out. There are always good opportunities in the forex market: why settle for the mediocre ones?

There are three types of trade: Long, short, and aside. Being on the side lines is a trade in itself. It can save you money.

It's easier to stay out than to get out.

Don't dwell upon the money lost on a bad trade; think about the lesson, and be thankful you're learning, you're improving and that you'll trade again.

Never let a winner turn into a loser. Minimize losses.

All strategies are the same, in terms of deciding entries, only he who knows the Market will win, not who imitate strategies.

They're not the same, but you're right if you don't understand why it works certain times and not others and what is the basis of the strategy you're probably better off flipping a coin to take your entries and exits.

Money Management
Money Management
Money Management

cannot be repeated enough. Sometimes not even looking at your entry, you can come out with + from even a loosing trade if your MM is right and you play it right at the right times if conditions change while you are in the trade.

Plan the Trade. Trade the Plan.

Be responsible. responsibility brings care, great attention and seriousness, it naturally would bring all the tools one needs, right entry, money management and so on. a tree without the roots can't survive, being responsible is one's unlimited richness to go forward with success.

Patience Pays- forcing a trade doesn't...Wait for the absolute best setups....

Isn't it all the same shape of price movement everyday, week and month? something marvelous!! let's watch the market closer, with some intensity, its there the entry like before and will future

Never short a dull market.

Dont trade your whisky money - You will need the whisky even more when you come back to check your trades.

Lol, that's a goodun

Every trade taken is a portrait of the trader that took it.

my strategy i was taught when i first started seriously:
Cut your losses short and run your winner with back up. always keep records of every trade so you can learn from your mistakes and check your systems>
A blunt pencil remembers 100% more than any sharp mind.

The single most important quality you need to trade successfully is patience. Without it you're going to get screwed eventually...by yourself, of course.

patience and discipline are what you need to succeed in forex. Take your time to learn and always remember that SUCCESS IS NOT AN EVENT . IT IS A PROCESS.

When in doubt, sell. You will usually get another chance in something else.

I don't try to jump over 7-foot bars, I look around for 1-foot bars that I can step over. (Warren Buffett)