Being patient & waiting for a good trade set up is the key to profitable trading, however patience isnt something we have all been gifted with. In the words of Tom Petty, “The waiting is the hardest part”. When you feel restless whilst waiting for a crypto trade to work out, try to motivate yourself and ready yourself for your next move by learning from the pro’s, soaking up some wisdom from the crypto masters and reading trading quotes from other expert crypto traders…or just traders in general. You might find that relevant quotes and advice will help you to keep the right trading perspective .
Below is a list of our favorite quotes from some of the best traders of all time (and some of our personal favorites). Bare in mind that these are in no particular order of favoritism.
“This first quote in particular is for crypto newbies”There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer.”
Never truer words could be spoken by Jack Schwager, Author of Market Wizards. There is no “fool proof” set of rules to follow when it comes to trading.
The second quote is one of our favorites by Sir John Templeton and applies not only to your trading method, but your attitude towards trading.. Being a crypto exchange that offers copy trading we are frequently asked who the best traders are or what the best strategy to follow is. The truth is that even we don’t know, but what we do know is that there is no “get rich quick” formula and that it takes hard work and commitment to become an expert crypto trader.
“If you want to have a better performance than the crowd, you must do things differently from the crowd.”
If Jack Bogle was accessible he would get a massive high five for this one.
“Time is your friend; impulse is your enemy.”
Like the lion patiently stalking its prey, you too should approach each trade or decision with the forbearance of a hungry predator. Patience does indeed pay off and is definitely something that should be an integral part of your strategy and of your mindset. Always allow enough time for your trading position to prove itself!
Marty Schwartz (Pit Bull) certainly knows his stuff! Having a mental state of being heedless (not careless) is essential for trading well. The crypto market does not care about your position. If you care more than the market does, you cannot think like the market. Become the market.
“The market does not know if you are long or short and could not care less. You are the only one emotionally involved with your position. The market is just reacting to supply and demand and if you are cheering it one way, there is always somebody else cheering it just as hard that it will go the other way.”
Fact: Nobody likes losing! Admittedly even we have lost at times (dont tell anyone). This quote from Jesse Livermore is a great reminder that letting a loss get the better of you is damaging to your mindset and will effect your future decisions. This may sound clichê (ok it does) but learn from your mistakes. Write them down. Take the loss like a man/woman and save your “soul”!
“Losing money is the least of my troubles. A loss never troubles me after I take it. I forget it overnight. But being wrong – not taking the loss – that is what does the damage to the pocket book and to the soul.”
The final quote that we are going to leave you with are the wise words of Michael Carr (not to be mistaken for Jimmy Carr).
“Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets.”
Take control of the one thing you can, your mind (and sanity). Instead of trying to predict what will happen rather work out your response and have a clear plan of action.
There are loads of websites out there that have a number of great quotes, quotes to live by, quotes to trade by and remember Ethbits is a revolutionary crypto exchange that offers great features for both newbie crypto traders as well as the best of the best. Happy trading everyone!