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.
Nothing can substitute for just plain hard work
The ladder of success is best climbed by stepping on the rungs of opportunity.
To see a thing clearly in the mind makes it begin to take form.
You get whatever accomplishment you are willing to declare.
Congratulations. I knew the record would stand until it was broken.
They ask me what I'd like written about me when I'm gone. I hope they write I made Penn State a better place, not just that I was a good football coach.
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