Trading Quotes by Alexander Elder

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Do you need a little bit motivation to get through the trading day? So here is the list of trading quotes by Alexander Elder that motivates me. Alexander Elder is a Russian-American professional trader. He is the author of dozen books, including "Trading for a Living". 

Alexander Elder


Complete list of trading quotes by Alexander Elder:

“The goal of a successful trader is to make the best trades. Money is secondary.” ― Alexander Elder
“When a beginner wins he feels brilliant and invincible Then he takes wild risk and loses everything.” ― Alexander Elder

“An astute trader aims to enter the market during quiet times and take profits during wild times.” ― Alexander Elder

“People trade for many reasons—some rational and many irrational. Trading offers an opportunity to make a lot of money in a hurry. Money symbolizes freedom to many people, even though they often don't know what to do with it.” ― Alexander Elder

“To help ensure success, practice defensive money management. A good trader watches his capital as carefully as a professional scuba diver watches his air supply.” ― Alexander Elder

“It is hard enough to know what the market is going to do; if you don't know what you are going to do, the game is lost.” ― Alexander Elder

“To win in the markets, we need to master three essential components of trading: sound psychology, a logical trading system, and an effective risk management plan.” ― Alexander Elder

“The mental baggage from childhood can prevent you from succeeding in the markets. You have to identify your weaknesses and work to change. Keep a trading diary—write down your reasons for entering and exiting every trade. Look for repetitive patterns of success and failure.”  ― Alexander Elder

“The public wants gurus, and new gurus will come. As an intelligent trader, you must realize that in the long run, no guru is going to make you rich. You have to work on that yourself.” ― Alexander Elder

“Many traders ride an emotional roller coaster and miss the essential element of winning: the management of their emotions.” ― Alexander Elder

“ If you let the market make you feel high or low, you will lose money.” ― Alexander Elder

“Remember, your goal is to trade well, not to trade often.” ― Alexander Elder

“The answer is to draw a line between a businessman's risk and a loss. As traders, we always take businessman's risks, but we may never take a loss greater than this predetermined risk.” ― Alexander Elder

“Being simply “better than average” is not good enough. You have to be head and shoulders above the crowd to win a minus-sum game.” ― Alexander Elder

“Why do most traders lose and wash out of the markets? Emotional and mindless trading are big reasons, but there is another. Markets are actually set up so that most traders must lose money. The trading industry slowly kills traders with commissions and slippage.” ― Alexander Elder

“Use limit orders almost exclusively—except when placing stops. Be careful on what tools you spend money: there are no magic solutions. Success cannot be bought, only earned.” ― Alexander Elder

“ It is essential to wait for trades with a good risk / reward ratio. Patience is a virtue for a trader.” ― Alexander Elder

“A loser's true problem is not account size but overtrading and sloppy money management. He takes risks that are too big for his account size, however small or big. No matter how good his system may be, a streak of bad trades is sure to put him out of business.” ― Alexander Elder

“ Most private traders on a losing streak keep trying to trade their way out of a hole. A loser thinks a successful trade is just around the corner, and that his luck is about to turn. He keeps putting on more trades and increases his size, all the while digging himself a deeper hole in the ice. The sensible thing to do would be to reduce your trading size and then stop and review your system.” ― Alexander Elder

“When the market deviates from your analysis, you have to cut losses without fuss or emotions.” ― Alexander Elder

“ It pays to write down your plan. You need to know exactly under what conditions you will enter and exit a trade. Do not make decisions on the spur of the moment, when you are vulnerable to being sucked into the crowd. Plans are created by reasoning individuals. Impulsive trades are made by sweaty group members.”  ― Alexander Elder


Hope this article inspires