29 May, AtoZForex, London – In investing, there is no holy grail. But we have a collective wisdom and steps from the best market traders. While neither will guarantee success in the Forex market, the information will certainly have you moving in the right direction.
My 7 favorite Forex quotes
Here are my 7 favorite money quotes, dating back to Ben Franklin, that can be linked to Forex and reasoning behind them.
#1 "An investment in knowledge pays the best interest." – Benjamin Franklin
Knowledge is power. When it comes to life, nothing will pay more than educating yourself. In Forex, do the necessary research, learn, study and analysis before making any trade decisions.
#2 “Risk comes from not knowing what you’re doing.” – Warren Buffet
This comes from your first investment being in the market, rather than yourself. So many people begin trading Forex with absolutely no knowledge or clue what they are doing. Yet they jump into the market with excitement and get batted around.
#3 "In investing, what is comfortable is rarely profitable." – Robert Arnott
As much as you think you know the market, you need to know yourself too. One professional traders has stressed that Forex is 70% emotion and only 30% skill. Even the best trading strategy can become the worst if you can’t handle your emotions.
#4 "The individual investor should act consistently as an investor and not as a speculator." – Ben Graham
Sorry, but you can’t predict the future. Base your decisions on real facts and analysis rather than speculative forecasts. Stop following every bloke who seem to know what they are talking about when it comes to Forex. Know #1 and learn from the few you trust, aiming for consistency.
#5 "It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for." – Robert Kiyosaki
First, trade to protect your investment. Only then trade to be a good trader, again, not to make money! If you're a millionaire by age 30, but blow it all by the time you’re 40, you have gained nothing.
#6 "Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas." – Paul Samuelson
Are you trading or gambling? If you expect quick gains, you expect wrong. Forex requires planning, patience, and #1, #2, #3, #4, #5.
#7 “Markets are never wrong – opinions often are.” – Jesse Livermore
Lastly, always remember – Markets are always right. This quote could be one of the most important lessons that traders need to learn, understand and assimilate. It doesn’t matter if you spent hours analysing a particular security but it ended moving completely the wrong way – the market is not wrong, you are, accept it and close the order.
The world of Forex behind the deceptive covers can be cold and hard. But if you invest in yourself, keep learning and following the latest webinars, and keep your head straight, your chances of long term success are set. Refer back to these seven favorite Forex quotes when you're feeling let down by the market.
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