Felix Code > Felix's Quotes

“If you can't fly then run, if you can't run then walk, if you can't walk then crawl, but whatever you do you have to keep moving forward.”
― Martin Luther King Jr.

“Note: Some strategies that will be mentioned here are a bit advanced. However, just knowing them can help you form the basis of your research in making money through forex trading. *The Daily Fibonacci Pivot Strategy *Overlapping Fibonacci trade *The Forex Dual Stochastic trade *The Blade Runner Trading *Pop ‘n’ Stop trades *The blade runner reversal *Relative Strength Index Strategy (RS *The Williams Percent Range Indicator Strategy (Williams %R) *The Moving Average Convergence Divergence Strategy (MACD) *The Turtle Trading Strategy *The Crossover of Moving Averages Strategy *The Moving Averages Strategy”
― Anonymous

“One of the popular ones include Baby Pips, and Forex Factory.”
― Anonymous

“Psychology, trading tactics, and money management are the three pillars of success, but there is the fourth factor that ties them together. That factor—which integrates all others—is record-keeping.”
― Anonymous

“You can succeed in trading only if you handle it as a serious intellectual pursuit. Emotional trading is lethal. 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.”
― Anonymous

“Good psychiatry and good trading have one important principle in common. Both focus on reality, on seeing the world the way it is. To live a healthy life, you have to live with your eyes open. 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 fantasies, regrets, and wishful thinking.”
― Anonymous

“Look for a broker with the cheapest commissions and watch him like a hawk. Design a trading system that gives signals relatively infrequently and allows you to enter markets during quiet times. 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.”
― Anonymous

“Good traders tend to be hardworking and shrewd people, open to new ideas. The goal of a good trader, paradoxically, is not to make money. His goal is to trade well. If he trades right, money follows almost as an afterthought. Successful traders keep honing their skills as they try to reach their personal best.”
― Anonymous

“A loser's true problem is not account size but overtrading and sloppy money management.”
― Anonymous

“There are three types of gurus in the financial markets: market cycle gurus, magic method gurus, and dead gurus.”
― Anonymous

“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, The New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management

“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 New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management

“You have to analyze your feelings as you trade to make sure that your decisions are sound. Your trades must be based on clearly defined rules. You have to structure your money management so that no string of losses can kick you out of the game.”
― Anonymous

“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 New Trading for a Living: Psychology, Discipline, Trading Tools and Systems, Risk Control, Trade Management

“Mark Douglas writes in The Disciplined Trader that in the market, “There is no beginning, middle, or end—only what you create in your own mind. Rarely do any of us grow up learning to operate in an arena that allows for complete freedom of creative expression, with no external structure to restrict it in any way.”
― Anonymous

“Little wonder that most of us grow up either hiding in a shell or learning how to manipulate others in self-defense. Acting independently doesn't feel natural to us—but that is the only way to succeed in the market.”
― Anonymous

“Douglas warns, “If the market's behavior seems mysterious to you, it's because your own behavior is mysterious and unmanageable. You can't really determine what the market is likely to do next when you don't even know what you'll do next.” Ultimately, “the one thing you can control is yourself. As a trader, you have the power either to give yourself money or to give your money to other traders.” He adds, “The traders who can make money consistently…approach trading from the perspective of a mental discipline.”
― Anonymous

“Here are several rules that worked for me as I grew from a wild amateur into an erratic semiprofessional and finally into a calm professional trader. You may change this list to suit your personality. Decide that you are in the market for the long haul—that is, you want to be a trader even 20 years from now. Learn as much as you can. Read and listen to experts, but keep a degree of healthy skepticism about everything. Ask questions, and do not accept experts at their word. Do not get greedy and rush to trade—take your time to learn. The markets will be there, offering more good opportunities in the months and years ahead. Develop a method for analyzing the market—that is, “If A happens, then B is likely to happen.” Markets have many dimensions—use several analytic methods to confirm trades. Test everything on historical data and then in the markets, using real money. Markets keep changing—you need different tools for trading bull and bear markets and transitional periods as well as a method for telling the difference (see the sections on technical analysis). Develop a money management plan. Your first goal must be long-term survival; your second goal, a steady growth of capital; and your third goal, making high profits. Most traders put the third goal first and are unaware that goals 1 and 2 exist (see Section 9, “Risk Management”). Be aware that a trader is the weakest link in any trading system. Go to a meeting of Alcoholics Anonymous to learn how to avoid losses or develop your own method for cutting out impulsive trades. Winners think, feel, and act differently than losers. You must look within yourself, strip away your illusions, and change your old ways of being, thinking, and acting. Change is hard, but if you want to be a professional trader, you have to work on changing and developing your personality.”
― Anonymous

“Four animals are mentioned especially often on Wall Street: bulls and bears, hogs and sheep. Traders say: “Bulls make money, bears make money, but hogs get slaughtered.”
― Anonymous

“An astute trader aims to enter the market during quiet times and take profits during wild times. That, of course, is the total opposite of how amateurs act: they jump in or out when prices begin to run, but grow bored and not interested when prices are sleepy.”
― Anonymous

“By contrast, all professional traders know full well that the market is a huge mass of people.”
― Anonymous

“In trading, you compete against some of the brightest minds in the world, while fending off the piranhas of commissions and slippage.”
― Anonymous

“The Achilles heel of most institutions is that they have to trade, while an individual trader is free to trade or stay out of the market when he wants.”
― Anonymous

“Stockcharts.com evens out the playing field for traders. It is clear, intuitive, and rich in features. Its basic version is free, although I used its inexpensive “members' version” for higher quality charting. I still”
― Anonymous

“Your human nature leads you to give up your independence under stress. When you put on a trade, you feel the desire to imitate others, overlooking objective signals. This is why you need to write down and follow your trading system and money management rules. They represent your rational individual decisions, made before you entered a trade.”
― Anonymous

“Tony Plummer brilliantly pointed out in his book, Forecasting Financial Markets, the main leader of the market is price. Price is the leader of the market crowd. Traders”
― Anonymous

“You have to observe yourself and notice changes in your mental state as you trade. Write down your reasons for entering a trade and the rules for getting out of it, including money management rules. You may not change your plan while you have an open position.”
― Anonymous

“Sirens were sea creatures of Greek myths who sang so beautifully that sailors jumped overboard and swam to them, only to be killed. When Odysseus wanted to hear the Sirens' songs, he ordered his men to seal their ears with beeswax but to tie him to the mast. Odysseus heard the Sirens' song but survived because he couldn't jump overboard. You ensure your survival as a trader when on a clear day you tie yourself to the mast of a trading plan and money management rules.”
― Anonymous

“Winners feel rewarded when price moves in their favor, and losers feel punished when it moves against them. Crowd members remain blissfully unaware that by focusing on price they create their own leader. Traders who feel mesmerized by prices create their own idols.”
― Anonymous

“The problem for most analysts is that they get caught in the emotional pull of the groups they try to analyze.”
― Anonymous