I realized that every time I had a loss, I needed to learn something from the experience and view the loss as tuition at the College of Trading. [Read More!]

If you can't take a small loss, sooner or later you will take the mother of all losses. There are old traders and there are bold traders, but there are very few old, bold traders. Dramatic and emotional trading experiences tend to be negative. [Read More!]

"Your money isn't gone, it's just in the hands of other people now."

Egbert Prior

"Hairdressing isnt such a bad profession after all"

Hairdresser

"To whatever degree you haven't accepted the risk, is the same degree to which you will avoid the risk. Trying to avoid something that is unavoidable will have disastrous effects on your ability to trade successfully."

Mark Douglas

If you can't take a small loss, sooner or later you will take the mother of all losses. There are old traders and there are bold traders, but there are very few old, bold traders. Dramatic and emotional trading experiences tend to be negative. [Read More!]

"To be a money master, you must first be a self-master."

J. P. Morgan

"The essential element is that the markets are ultimately based on human psychology, and by charting the markets you’re merely converting human psychology into graphic representations. I believe that the human mind is more powerful than any computer in analyzing the implications of these price graphs. "

Al Weiss

Missing an opportunity is as bad as being on the wrong side of a trade. [Read More!]

"Wanting to make money in the markets without accepting there will be losses is like waiting to breathe but only wishing to exhale."

Ed Seykota

"beginners think about how much they can make, professionals think about how much they can lose."

Forex Quote...

"Taking advantage of potential major winning trades is not only important to the mental health of the trader but is also critical to winning. Letting winners ride is every bit as important as cutting losses short. If you don't stay with your winners, you are not going to be able to pay for the losers. In addition to not overtrading, it is important to commit to an exit point on every trade. Protective stops are very important because they force this commitment on the trader".

Michael Marcus
Turned $30,000 into $80 million

I take the point of view that missing an important trade is a much more serious error than making a bad trade. Buying on retracement is psychologically seductive because you feel you're getting a bargain versus the price you saw a while ago. However, I feel that approach contains more than a drop of poison. You shouldn't plan to risk more than 2 percent on a trade. Although, of course, you could still lose more if the market gaps beyond your intended point of exit. [Read More!]

"The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading... I know this will sound like a cliche, but the single most important reason that people lose money in the financial markets is that they don't cut their losses short."

Victor Sperandeo

 "The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance."

Ed Seykota