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

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

The Importance of Trading Records / Diary

Records are more important to your success than any indicator, system, or technical tools.
Even the best system is bound to have some holes, but good records will allow you to find them and plug them up.
A person who keeps detailed records makes a huge leap in his development as a trader.

Show me a trader with good records, and I’ll show you a good trader.

Dr Alexander Elder, Come Into My Trading Room

Stick To Your Trading Rules

Successful trading is about finding the rules that work and then sticking to those rules.

William J. O’neil

What Is Discipline in Trading?

Discipline means designing, testing, and following your trading system.

It means learning to enter and exit in response to predefined signals rather than jumping in and out on a whim.

It means doing the right thing, not the easy thing.

And the first challenge down the road to disciplined trading involves setting up a record-keeping system.

Dr Alexander Elder, Come Into My Trading Room

Trading Plan & Discipline

Just remember, without discipline, a clear strategy, and a concise plan, the speculator will fall into all the emotional pitfalls of the market and jump from one stock to another, hold a losing position too long, cut out of a winner too soon and for no reason other than fear of losing the profit.

Greed, Fear, Impatience, Ignorance, and Hope will all fight for mental dominance over the speculator. Then, after a few failures and catastrophes the speculator may become demoralized, depressed, despondent, and abandon the market and the chance to make a fortune from what the market has to offer.

Jesse Livermore, How to Trade in Stocks

Source: Solitary Trader

Trading Discipline

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.

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: Simply Options Trading

Follow Your Rules

As a trader it is more important to know that you will always follow your rules than it is to make money, because whatever money you make, you will inevitably lose back to the markets if you can't follow your rules.

Mark Douglas

Disciplined Trader

The best trading system in the hands of an undisciplined trader is a losing system.

Jake Bernstein

Source: Options Trading Beginner