31 Trading Quotes That Are Written on My Trading Diary That Always Inspire Me

I have read a lots of books during my trading career and whenever I read a book, I read it in printed format. While reading a book, I do two things frequently.

1. You can be free. You can live and work anywhere in the world. You can be independent from routine and not answer to anybody by Dr. Alexander Elder. This is by far the most inspiring quote that is written on very first page of my diary which I wrote on 26 November 2011. This quote basically sums up everything that you need to pursue the trading journey. The trading can give you freedom and with freedom, you can be independent and not answer to anyone. Just imagine, there is no boss, no deadlines, no dependency on anyone. You are the boss and you are your master.

2. A system with positive expectancy eventually will make you rich, sometimes beyond your wildest dreams - Chris Faith

3. Good trading is not about being right, it is about trading right. If you want to be successful, you need to think of a long-run and ignore the outcomes of individual trades.

4. If you have 10 losing trades in a row and you are sticking to your plan, you are trading well; you are just having a bit of bad luck.

5. I always say that you could publish my rules in a newspaper and no one would follow them. The key is consistency and discipline. Almost anybody can make up a set of rules 80% as good as what we taught our people. What they could not do is give them the confidence to stick to those rules even when things are going bad- Richard Dennis

6. The ability to maintain discipline and stick to the rules during large winning trades is the hallmark of the experienced successful trader.

7. When you loose money for the right reasons, you will be a very successful trader in long run because you will be taking smaller losses which will enable you to be around for the big trends

8. You don't get paid for entering the trades, you get paid for exiting them.

9. I am sure you have heard 3 main rules for buying a real estate - location, location and location. Well, there are also 3 main rules of trading. They are- stoploss, stoploss and stoploss.

10. Trade your chart, never your opinion

11. Any layperson with some practice, hard work and by learning good money management is at par with the Dalal Street experts who talk so intelligently on TV

12. Traders should remember at all times that our job is not analysis but making money

13. If you seriously trade more than one year in stock market, let it be successful or not, no matter where life takes you, you will always check the market and always want to continue being a pert of it. It is like the first true love, it will always be there no matter what the distance, no matter whether they are dead or alive.

14. Never add to a losing position

15. The "Should, Would, Could" are the characteristics of new trader.

16. The secret to trading is that there is no secret

17. When you sit down to a game of Poker, you must know within 15 minutes who is going to supply winnings and if you do not know the answer, that person is you - Warren Buffet

18. How much of a role does luck play in trading in long run? Zero. Absolutely zero. I don't think anybody winds up making money in this business because they were lucky - Richard Dennis

19. Think in terms of probabilities, not in terms of predictions

20. In the end, we only regret the chances we didn't take, relationship we are afraid to have and the decisions we waited too long to make.

21. It was when I finally concluded that I would never be able to predict when the market will move that I started to become successful at trading. My frustration level declined dramatically and I was at peace knowing that it was OK not to be able to predict or understand the markets - George Slezak

22. The best time to make decisions is before you enter a trade.

23. There is time to go long, time to go short and time to go for fishing

24. There are old traders and there are bold traders but there are no old bold traders

25. You don't need to predict market correctly, you need to trade market correctly.

26. I have found that in the market, the simpler you keep things, the greater are the returns. The less you need to change things, the better the returns. As a trader said very wisely, profitable trading should be boring.

27. The market is there to punish the indisciplined

28. Successful traders try to make all their buying and selling decisions as mechanical as possible and eliminating all emotions as far as possible

29. Losses and inevitable. Nobody makes money everyday.

30. The key is to keep losses small and profits big

31. You need to understand that successful trading is a passion and the rewards are enormous.