Become a Successful Trader: Adopt a New Set of Beliefs


Aside from keeping a positive mindset and having an enormous amount of confidence, successful traders have specific underlying beliefs. You must make sure that you also adopt specific beliefs about how trading and the markets work. The following is a set of beliefs and quotes from some of the world's most successful traders and investors:

1. How you feel and think controls your outcome:

To invest successfully over a lifetime does not require a stratospheric IQ, unusual business insights, or inside information. What's needed is a sound intellectual framework for making decisions and the ability to keep emotions from corroding that framework. - Warren Buffett

Patience is a key element of success. - Bill Gates

2. The markets move in cycles and trends

There is another important short-term cycle that tends to influence most commodity markets-the 28-day trading." - John Murphy (charting expert, stockcharts.com founder, and author of Technical Analysis of the Futures Market)

The trend is your friend. - anonymous

This market right now is moving on nothing more than emotions. Guess what? It almost always moves on emotions. - David Bach

The price pattern reminds you that every movement of importance is but a repetition of similar price movements, that just as soon as you can familiarize yourself with the actions of the past, you will be able to anticipate and act correctly and profitably upon forthcoming movements. - Jesse Livermore

3. Buy good companies at the right time (Or short-sell bad companies at the right times):

Only buy something that you'd be perfectly happy to hold if the market shut down for 10 years. - Warren Buffett

Buy when there's blood in the streets; even if the blood is your own. - Mayer Amschel Rothschild

We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful. - Warren Buffett

4. Trading Should Be Easy & Fun:

We enjoy the process far more than the proceeds. - Warren Buffett

I don't look to jump over 7-foot bars: I look around for 1-foot bars that I can step over. - Warren Buffett

As long as you enjoy investing, you'll be willing to do the homework and stay in the game. - Jim Cramer

I love the market. It is my work, my play, and my life. - Rene Rivkin (Famous Australian investor)

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