The Limit of Your Abilities

When a man has put a limit on what he WILL do,
he has put a limit on what he CAN do.

Charles Schwab

Good Trading Quotes from “Techniques of Tape Reading”

This (Trading) is not a job where you get paid by the hour.
You get paid for doing the right thing.

Forget that your money is at stake. Money in trading account is just a tool for making money. Preserve your tool. You need it to make money.

Don’t let the outcome of one trade alter your trading discipline. One trade doesn’t make a system…

Trading is a game of probabilities. You don’t have to be right every time. You just have to follow your rules.

You decide your fate; the market doesn’t.

Pure followers of stock pickers will never be around… Learn or you are bankrupt.

Be aggressive in trending market and conservative in choppy market.

Take home runs when you can, but don’t beat yourself up about missing a few.
One trade should never make or break your account.

Vadym Graifer & Christopher Schumacher, Techniques of Tape Reading

Source: http://simplyoptionstrading.blogspot.com/2007/09/quotable-quotes.html

Warren Buffett’s Investment Wisdom

You want to be greedy when others are fearful,
and you want to be fearful when others are greedy.

Billionaire Warren Buffett

Don’t Ever Quit

Success seems to be connected with action.
Successful people keep moving.
They make mistakes, but they don't quit.

Conrad Hilton

Great Minds vs. Small Minds

Great minds discuss Ideas,
Average minds discuss Events,
Small minds discuss People.

Hyman Rickover

Money Management & Positive Expectancy

A good trading system gives you an edge in the market.
To use a technical term, it provides a positive expectancy over a long series of trials.
A good system ensures that winning is more likely than losing over a long series of trades.
If your system can do that, you need money management.
But if you have no positive expectancy, no amount of money management will save you from losing.

Dr Alexander Elder, Come Into My Trading Room

Risk / Money Management Strategy

Never risk more than 1% of your total equity in any one trade.
By risking 1%, I am indifferent to any individual trade.
Keeping your risk small and constant is absolutely critical.

Larry Hite

Get Out When You’re Wrong

Successful traders know that discipline is what allows them to enter their trades when the odds are in their favor and, more importantly, to get out when they’re wrong.
Being right is not the problem. What you do when you’re wrong is the crucial issue.

There are a lot of traders who buy then pray while the market goes against them, because they think that it will eventually go their way.
Most traders average down and wait for the market to turn their way.
Trading my way, I always have defined amount of money that I am willing to lose.
I let the market decide how much money I’m going to make.

Casey (In "“The Logical Trader” by Mark B. Fisher)

Source: Options Trading Beginner