Psychology matters more to trading or investing than perhaps any
other income-producing activity. Here are some quotable quotes from some
well known industry participants highlighting that reality…
Anyone
who claims to be intrigued by the “intellectual challenge of the
markets” is not a trader. The markets are as intellectually challenging
as a fistfight. Ultimately, trading is an exercise in self-mastery and
endurance.
Ralph Vince (money management expert)
The
key to trading success is emotional discipline. If intelligence were
the key, there would be a lot more people making money trading
.
Victor Sperandeo
Just
remember, without discipline, a clear strategy, and a concise plan, the
speculator will fall into all the emotional pitfalls of the market –
jump from one stock to another, hold a losing position too long, and cut
out of a winner too soon, for no reason other than fear of losing
profit. Greed, Fear, Impatience, Ignorance, and Hope will all fight for
mental dominance over the speculator. Then, after a few failures and
catastrophes the speculator may become demoralised, depressed,
despondent, and abandon the market and the chance to make a fortune from
what the market has to offer.
Jesse Livermore
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