Trading is all about possibilities and sometimes you'll win, sometimes you'll lose or sometimes you'll be losing for so long that you get frustrated. People assume that a trader's life is full of pros but ask a real trader and they'll probably laugh at that assessment. In reality, sometimes they just want to quit because of it but rest assured, after this article, quitting will be the last thing on your mind. Take it from the people who've been doing it for years and got big:
1. “In this business if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.” -Peter Lynch
The possibility of a good trade or a bad one can not be forseen and instead of getting emotional about just think of it as part of the game.
2. What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.” -William O’Neil
The message here is to understand the dynamics. Some of them might seem appealing but are actually not or viceversa.
3. “It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you’ll do things differently.” – Warren Buffett
Usually what happens is that after a good winning streak and a great trading strategy, sometimes one move can ruin it all. This domino effect is usually brought on by not calculating your risks carefully. Once a trader feels like his streak has ended, they start making bad decisions.
4. “In investing, what is comfortable is rarely profitable.” – Robert Arnott
5. I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have” – Paul Tudor Jones.
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