The goal of a successful trader is to make the best trades. Money is secondary.
Interpretation
Successful trading is about making wise decisions, while money is a byproduct of those decisions.
This quote highlights the principle that in trading, the focus should be on executing well-considered trades rather than fixating on the immediate financial gains. By prioritizing skillful trading strategies, success naturally follows, as profits are a result of consistent good decision-making rather than the main objective.
In practice
In a financial seminar discussing investment strategies, one might say, 'As Alexander Elder once noted, the goal of a successful trader is to make the best trades; money is secondary.'
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 β remove one and the stool will fall, together with the person who sits on it.
Beginners focus on analysis, but professionals operate in a three dimensional space. They are aware of trading psychology their own feelings and the mass psychology of the markets.
The market does not know you exist. You can do nothing to influence it. You can only control your behavior.
Traders lose because the game is hard, or out of ignorance, or lack of discipline or because of both.
People want athletes to cater to their image of what an athlete should be, but they also want them to fail so they can feel like their screwups are all right. If I make a priority shift, I'll make it because it's best for me.
Success is not measured by what you do compared to what somebody else does. Success is measured by what you do compared to what you are capable of doing.
Passion gets an entrepreneur through the startup days and the enormous efforts it takes to build a business.
Success is... knowing your purpose in life, growing to reach your maximum potential, and sowing seeds that benefit others.
Anybody, and any company, can have a big run of success once, but if you're going to repeat that over time, you need to be aware that you need to keep learning.
I was an overnight success all right, but 30 years is a long, long night.
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