Forex trading can be hard, but it doesn’t have to be. What looks like a dark cloud on the horizon might just turn out to be a beautiful day. While some traders swear by their daily horoscope or lucky number, others base their trades on the words of wisdom from famous investors and forecasters.
Here are 15 famous quotes on investing and markets that can serve as inspiration for your next trade:
1) “The key in success is to focus our conscious mind on things we desire not things we fear.” – Brian Tracy
2) “If you’re prepared on the forex market, you’re three times more likely to win” – Richard Dennis
3) “I trade very little. What happens is that every time I think about making a trade, I go back to look at my past trades and most of the time I don’t make them.” – Ed Seykota
4) “The most important thing in life is to know how to deal with defeat. Trading forex is all about knowing when you are beaten and getting out.” – Michael Marcus
5) “I approach Forex as if it were a true microcosm, a replica of the real world economy” – Alexander Elder.
6) “A stop-loss order can seem like it’s going into a black hole because there’s no way you can follow what happens after you push that button” – John Forman.
7) ‘If we attribute this year’s severe drought in the Midwest to global warming, does that mean we should be buying commodities? What about buying stocks in Archer Daniels Midland or Cargill?’ – Warren Buffett
8) “The trend is your friend.” – Jesse Livermore
9) “In trading, as in life, it’s not what you know that matters but how fast you can learn.” – Paul Tudor Jones
10) “In order to make money, you must first find a place where you can lose money with some predictability.”- Marty Zweig
11) “I am not a gambler. I’m a speculator.” – Bernard Baruch
12) “You make money by sitting on your ass and doing nothing except watching the market all day.” – Chris Clarke
13) “I try to get into the mind of anybody who might be a counterparty. What are they thinking? What are they not telling me?” Paul Tudor Jones
14) “When making investment decisions, it is useful to remember that excitement and expenses are your enemies. And if you invest in line with your temperament, you will have neither excitement nor expenses. You will also tend to make less mistakes.” Warren Buffett
15) “You can’t trade once emotions take over; logic has left the building” – Bill Lipschutz
The above quotes give some perspective on what is FX trading and what it entails. They show that forex trading isn’t just about technical analysis or charting indicators, but also about psychology, risk management, and having a solid trading plan. Some quotes might resonate more with you than others, but it’s important to remember them all when you’re feeling down or like you’re in over your head. Forex trading can be a daunting task, but with the proper education and mindset, it can also be an incredibly rewarding experience.