Hello Steemians,
For those that are just starting out or even experienced, you would know that investing and trading the cryptocurrency markets can be difficult both emotionally and mentally. Particularly during an extended period of draw-down after taking big losses, it can feel like the world is against you and out to take your money!
We have all been there and out of frustration made a rash decision based on our emotion such as:
- Over trading to cover a loss
- Cutting a losing trade too early to find the next holy grail trade
- Deviating from trading plan and FOMO into a trade
- Removing stop loss on a losing trade in hope it will recover (HODL)
- Enter a trade that will 100x according to Twitter without doing any research
If YOU have found yourself in this position before, all you might need is a little inspiration, motivation and guidance from successful traders and investors. I can say for sure that it has certainly helped me over the years.
With that said, I would like to share 5 quotes and sayings from successful traders:
“The trend is your friend until the end when it bends.”
– Ed Seykota"I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime. Even people who lose money in the market say, “I just lost my money, now I have to do something to make it back.” No, you don’t. You should sit there until you find something."
– Jim Rogers"I prefer not to dwell on past situations. I tend to cut bad trades as soon as possible, forget them, and then move on to new opportunities."
– Ed Seykota“To be a good trader, you need to trade with your eyes open, recognize real trends and turns, and not waste time or energy on regrets and wishful thinking.”
- Alexander Elder"Learn to take losses. The most important thing in making money is not letting your losses get out of hand. Also, don’t increase your position size until you have doubled or tripled your capital. Most people make the mistake of increasing their bets as soon as they start making money. That is a quick way to get wiped out."
– Marty Schwartz
Thanks. I enjoyed reading The Market Wizards book. This is condensed information and highly suggest the book to those who are looking for inspiration in their trading.
You got a 10.96% upvote from @brandonfrye courtesy of @crypto-toast!