Warren Buffet said that “never losing money is the number one rule in investing and the second rule is that you must not forget the first rule.” The famous business man can actually make a book out of his many great quotes. He is just one of the many people out there who can inspire your trading drive through words of wisdom. This article shall focus in popular quotes and various wise words from popular business and trading personalities. Yes. Warren Buffet’s rule number can be enough to influence you towards your venture. But sometimes one sentence of persuasion is not enough. You need more words of encouragement to get your game going. Here are some many inspiring quotes that can help you in with your business oriented life.
American Businessman and stock investor Peter Lynch quoted that “In this business if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.” This millionaire is absolutely right. Nobody is perfect, even in business. There is no such thing as an instant solution for becoming successful. Most of the time you will experience great trials in order to reach your goal. You may encounter numerous losses before finally winning something big. He indirectly meant in this quote that losing is a normal phenomenon.
Another similarly inspiring quote is by Hungarian-American Businessman George Soros. He said that “It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.” In trading, you have to accept that losing can be a very normal thing. The vital thing in trading is knowing when and how to trade. By doing so you can earn more by doing what is right. His quote suggests that earning money through the right method can be very rewarding. On another note he also suggests that you also have to take note about your wrong moves and how much you lose by doing it so that you can learn from your mistakes. Yes, it is suggestive of risk management but it shall not be deeply discussed in this article.
Education is vital to trading. You can educate yourself by simple learning from the experienced businesspersons out there. You really have to educate your brain if you are crazy about learning how to trade well. Another quote that can open your business hungry mind is “Traders lose because the game is hard, or out of ignorance, or lack of discipline or because of both.” This was said by professional stock trader, Alexander Elder. His quote is very enlightening. This means that trading is really hard and if you mix it with ignorance and undisciplined moves then you will surely lose. It is very literal and with it you have to understand that nothing is simple these days. You need to know the major factors involved with trading.
Another metaphor by Alexander Elder talks about mastering these three factors. “Every winner needs to master three essential components of trading; a sound individual psychology, a logical trading system and good money management. These essentials are like three legs of a stool – remove one and the stool will fall, together with the person who sits on it.” This is a very likeable quote and something that you should put in mind. It is basically summary of what trading is all about. It states that you cannot trade with one of these elements lacking. Say for example a 3 legged stool. It cannot stand with on leg missing. You have to master the trading system with the right mind and drive.