Famous Traders Quotes

“There is another old saying: “you can never go broke taking a profit.” The Turtles would not agree with this statement. Getting out of winning positions too early, i.e. “taking a profit” too early, is one of the most common mistakes when trading trend following systems.”

“Prices never go straight up; therefore it is necessary to let the prices go against you if you are going to ride a trend. Early in a trend this can often mean watching decent profits of 10% to 30% fade to a small loss. In the middle of a trend, it might mean watching a profit of 80% to 100% drop by 30% to 40%. The temptation to lighten the position to “lock in profits” can be very great.”

Good investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake. -Michael Steinhardt

I advise you to always use stops. I mean actually put them in, because that commits you to get out at a certain point. Another thing is that if a position doesn't feel right as soon as you put it on, don't be embarrassed to change your mind and get right out. -Michael Marcus

I think the leading cause of financial disablement is the belief that you can rely on the experts to help you. Investing requires an intense personal involvement. -Michael Marcus

Fundamentalists who say they are not going to pay any attention to the charts are like a doctor who says he’s not going to take a patient’s temperature. -Bruce Kovner

In a bear market, you have to use sharp countertrend rallies to sell. -Bruce Kovner

Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose. -Bruce Kovner

The most important rule of investing is to play great defense, not great offense. Every day I assume every position I have is wrong. Always question yourself and your ability. Don't ever feel that you are very good. The second you do, you are dead. Always maintain your sense of confidence, but keep it in check. -Paul Tudor Jones

You need discipline, patience, and courage. You must have a willingness to lose, but a strong desire to win. -Gary Biefeldt

Investing is like poker. You should only play the good hands, and drop out of the poor hands, forfeiting the ante. -Gary Biefeldt

Fundamentals that you read about are typically useless as the market has already discounted the price. -I call them "funny-mentals." However, if you catch on early, before others believe, then you might have valuable "surprise-a-mentals"” -Ed Seykota

Pride is a great banana peel—as are hope, fear, and greed. My biggest slip-ups occurred shortly after I got emotionally involved with positions...... -Ed Seykota I tend to cut bad trades as soon as possible, forget them, and then move on to new opportunities. The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you follow these three rules, you may have a chance...... -Ed Seykota

I have a cousin who turned $5,000 into $100,000 in the option market. One day I asked him, “How did you do it?” He answered, “It is very easy. I buy an option and if it goes up, I stay in, but if it goes down, I don't get out until I am at least even.” I told him, "Look, I trade for a living, and I can tell you that strategy is just not going to work in the long run." In his next trade he put his money in Merrill Lynch options, only this time, it goes down, and down, and down. It wiped him out...... -Larry Hite

If you want to know where a market is going, all you have to do is this. (He threw his charts on the floor and jumped up on his desk.) Look at it, it will tell you! -Jack Boyd as told by Larry Hite

If you diversify, control your risk, and go with the trend, it just has to work. -Larry Hite

I used to try to will things to happen. My attitude was that I figured it out, therefore it can't be wrong. What is the ultimate rationalization of an investor in a losing position? "I’ll get out when I'm even." I became a winner when I was able to say, "To hell with my ego, making money is more important." ...... -Marty Schwartz

My Marine training helps in investing. They teach you never to freeze when you are under attack. -Marty Schwartz

I have lived through or studied hundreds, possibly even thousands, of bull and bear markets. In every bull market, whether IBM or oats, the bulls always seem to come up with reasons why it must go on, and on, and on. It’s always the same cycle. My mother calls me up and says, “Buy me XYZ stock.” I ask her, “Why?” “Because the stock has tripled.” The whole process repeats itself on the downside...... -James B. Rogers, Jr.

The biggest public fallacy is that the market is always right. The market is nearly always wrong. I can assure you of that...... -James B. Rogers, Jr.

Be aware of change. Buy change. You should be willing to buy or sell anything. So many people say, “I could never buy that kind of stock.” ...... -James B. Rogers, Jr.

If you make 50% two years in a row and then lose 50% in the third year, you would actually be worse off than if you just put your money in a money market fund. Wait for something to come along that you know is right. Then take your profit, put it back in the money fund, and just wait again. You will come out way ahead of everybody else. ...-James B. Rogers, Jr.

The biggest mistake I made was having a specific target of what I wanted out of an investment. The target should be determined by market analysis, not by the amount of money you want to make. -Mark Weinstein

I don’t lose much on trades, because I wait for the exact right moment. ....-Mark Weinstein

Your strategy has to be flexible enough to change when the environment changes. The mistake most people make is they keep the same strategy all the time. They say, “Damn, the market didn’t behave the way I thought it would.” Why should it? Life and the markets just don’t work that way. -Mark Weinstein

I learned that an opinion isn’t worth that much. It is more important to listen to the market. -Brian Gelber

Most traders who fail have large egos and can’t admit that they are wrong. Even those who are willing to admit that they are wrong early in their career can’t admit it later on! Also, some traders fail because they are too worried about losing. I’m not afraid to lose. When you start being afraid to lose, you’re finished. -Brian Gelber

The psychological factor for investing has 5 areas. These include a well-rounded personal life, a positive attitude, the motivation to make money, lack of conflict [such as psychological hang ups about success], and responsibility for results. -Dr. Van K. Tharp (a psychologist specializing in working with traders)

The composite of a losing trader would be someone who is highly stressed and has little protection from stress, has a negative outlook on life and expects the worst, has a lot of conflict in her/her personality, and blames others when things go wrong. Such a person would not have a set of rules to guide their behavior and would be more likely to be a crowd follower. In addition, losing traders tend to be disorganized and impatient. -Dr. Van K. Tharp

Many people actually want to lose on a subconscious level. -Dr. Van K. Tharp

The realization that you are responsible for your results is the key to successful investing. Winners know they are responsible for their results; losers think they are not. -Dr. Van K. Tharp

“How do you lose money? It is either bad day trading or a losing position. If it’s a bad position that is the problem, then you should just get out of it.” ……Tony Shiba

The Top 30 Quotes From Jesse Livermore On Trading And Investing

Jesse Livermore Quote 1:

“He really meant to tell them that the big money was not in the individual fluctuations but in the main movements that is, not in reading the tape but in sizing up the entire market and its trend.”

Jesse Livermore Quote 2:

“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!”

Jesse Livermore Quote 3:

“Experience has proved to me that real money made in speculating has been in commitments in a stock or commodity showing a profit right from the start.”

Jesse Livermore Quote 4:

“It is literally true that millions come easier to a trader after he knows how to trade, than hundreds did in the days of his ignorance.”

Jesse Livermore Quote 5:

“There is only one side to the stock market; and it is not the bull side or the bear side, but the right side”

Jesse Livermore Quote 6:

“The market does not beat them. They beat themselves, because though they have brains they cannot sit tight.”

Jesse Livermore Quote 7:

“The average man doesn’t wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think.”

Jesse Livermore Quote 8:

“I can’t sleep” answered the nervous one. “Why not?” asked the friend. “I am carrying so much cotton that I can’t sleep thinking about. It is wearing me out. What can I do?” “Sell down to the sleeping point”, answered the friend.

Jesse Livermore Quote 9:

“He will risk half his fortune in the stock market with less reflection that he devotes to the selection of a medium-priced automobile.”

Jesse Livermore Quote 10:

“On Pat Hearne – He made money in stocks, and that made people ask him for advice. He would never give any. If they asked him point-blank for his opinion about the wisdom of their commitments he used a favorite race-track maxim of his: “You can’t tell till you bet.””

Jesse Livermore Quote 11:

“I never hesitate to tell a man that I am bullish or bearish. But I do not tell people to buy or sell any particular stock. In a bear market all stocks go down and in a bull market they go up.”

Jesse Livermore Quote 12:

In a narrow market, when prices are not getting anywhere to speak of but move within a narrow range, there is no sense in trying to anticipate what the next big movement is going to be. The thing to do is to watch the market, read the tape to determine the limits of the get nowhere prices, and make up your mind that you will not take an interest until the prices breaks through the limit in either direction.

Jesse Livermore Quote 13:

“I don’t know whether I make myself plain, but I never lose my temper over the stock market. I never argue with the tape. Getting sore at the market doesn’t get you anywhere.”

Jesse Livermore Quote 14:

“Instead of hoping he must fear and instead of fearing he must hope. He must fear that his loss may develop into a much bigger loss, and hope that his profit may become a big profit.”

Jesse Livermore Quote 15:

“The desire for constant action irrespective of underlying conditions is responsible for many losses on Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.”

Jesse Livermore Quote 16:

“Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes.”

Jesse Livermore Quote 17:

“If I buy stocks on Smith’s tip I must sell those same stocks on Smith’s tip. I am depending on him. Suppose Smith is away on a holiday when the selling time comes around?

A man must believe in himself and his judgement if he expects to make a living at this game. That is why I don’t believe in tips.”

Jesse Livermore Quote 18:

“A man must study general conditions, to seize them so as to be able to anticipate probabilities.” Jesse Livermore Quote 19:

“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.”

Jesse Livermore Quote 20:

“I think it was a long step forward in my trading education when I realized at last that when old Mr. Partridge kept on telling other customers, “Well, you know this is a bull market!” he really meant to tell them that the big money was not in the individual fluctuations but in the main movements that is, not in reading the tape but in sizing up the entire market and its trend.”

Jesse Livermore Quote 21:

“I did precisely the wrong thing. The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. Of all the speculative blunders there are few greater than trying to average a losing game. Always sell what shows you a loss and keep what shows you a profit.”

Jesse Livermore Quote 22:

“If you can’t sleep at night because of your stock market position, then you have gone too far. If this is the case, then sell your position down to the sleeping level.”

Jesse Livermore Quote 23:

“A prudent speculator never argues with the tape. Markets are never wrong, opinions often are.”

Jesse Livermore Quote 24:

“Professional traders have always had some system or other based upon their experience and governed either by their attitude towards speculation or by their desires.”

Jesse Livermore Quote 25:

“Don’t take action with a trade until the market, itself, confirms your opinion. Being a little late in a trade is insurance that your opinion is correct. In other words, don’t be an impatient trader.”

Jesse Livermore Quote 26:

“It is foolhardy to make a second trade, if your first trade shows you a loss. Never average losses. Let this thought be written indelibly upon your mind.”

Jesse Livermore Quote 27:

“One of the most helpful things that anybody can learn is to give up trying to catch the last eighth – or the first. These two are the most expensive eighths in the world. They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.”

Jesse Livermore Quote 28:

“Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money.”

Jesse Livermore Quote 29:

“People who look for easy money invariable pay for the privilege of proving conclusively that it cannot be found on this earth.”

Jesse Livermore Quote 30:

“It is what people actually did in the stock market that counted – not what they said they were going to do.”

Famous Traders Quotes That Will Help You If you don’t have hard and fast rules, you don’t have a mechanical trading system; you’re a discretionary trader. Discretionary traders struggle with their emotions — doing battle every trading day against their fears and their greed. Mechanical traders follow their rules and sleep well at night as long as their system includes ironclad money management tools.

Technical vs Fundamentals for Trading…

“I haven’t met a rich technician” - Jim Rogers.

“I always laugh at people who say “I’ve never met a rich technician” I love that! It’s such an arrogant, nonsensical response. I used fundamentals for 9 years and got rich as a technician” -Marty Schwartz.

And about Diversification…

“Diversify your investments” - John Templeton.

“Diversification is a hedge for ignorance” - William O’Neil.

On Picking Bottoms and Tops…

“Don’t bottom fish” - Peter Lynch.

“Don’t try to buy at the bottom or sell at the top” – Bernard Baruch.

“Maybe the trend is your friend for a few minutes in Chicago, but for the most part it is rarely a way to get rich” - Jim Rogers.

“I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.” - Paul Tudor Jones.

So here we have a group of guys who have collectively taken billions of dollars out of the market and they don’t agree about how to make money.

Is there anything they do agree on?

Just one: Money Management

“My basic advise is don’t lose money” - Jim Rogers.

“I’m more concerned about controlling the downside. Learn to take the losses. The most important thing about making money is not to let your losses get out of hand.” - Marty Schwartz.

“I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have” - Paul Tudor Jones.

“Rule number one of investing is never lose money. Rule number two is never forget rule number 1″ - Warren Buffet.

“If you have an approach that makes money, then money management can make the difference between success and failure… … I try to be conservative in my risk management. I want to make sure I’ll be around to play tomorrow. Risk control is essential.” - Monroe Trout

“If you personalize losses, you can’t trade.” - Bruce Kovner.

“The best traders have no ego. You have to swallow your pride and get out of the losses.” - Tom Baldwin “Never risk more than 1% of your total equity in any one trade. By risking 1%, I am indifferent to any individual trade. Keeping your risk small and constant is absolutely critical.” Larry Hite.

Of course Ed Seykota is famous for pointing out that people get what they want out of trading and the markets. Some want to experience the emotional highs and lows and so losing their trading funds serves those purposes. For those of us who trade to make money, I say thanks to all those who chose to lose!

If you don’t know who these guys are, I recommend you read Jack Schwager’s books: MarketWizards and New Market Wizards. If you only have time to read one, read his first one because it’s about 10 times better than his second one. 19 Notable Quotes from the Book “Hedge Fund Market Wizards”

1. As long as no one cares about it, there is no trend. Would you be short Nasdaq in 1999? You can’t be short just because you think fundamentally something is overpriced.

2. All markets look liquid during the bubble (massive uptrend), but it’s the liquidity after the bubble ends that matters.

3. Markets tend to overdiscount the uncertainty related to identified risks. Conversely, markets tend to underdiscount risks that have not yet been expressly identified. Whenever the market is pointing at something and saying this is a risk to be concerned about, in my experience, most of the time, the risk ends up being not as bad as the market anticipated.

4. The low-quality names tend to outperform early in the cycle, and the high-quality names tend to outperform toward the end of the cycle.

5. Traders focus almost entirely on where to enter a trade. In reality, the entry size is often more important than the entry price because if the size is too large, a trader will be more likely to exit a good trade on a meaningless adverse price move. The larger the position, the greater the danger that trading decisions will be driven by fear rather than by judgment and experience.

6. Virtually all traders experience periods when they are out of sync with the markets. When you are in a losing streak, you can’t turn the situation around by trying harder. When trading is going badly, Clark’s advice is to get out of everything and take a holiday. Liquidating positions will allow you to regain objectivity.

7. Staring at the screen all day is counterproductive. He believes that watching every tick will lead to both selling good positions prematurely and overtrading. He advises traders to find something else (preferably productive) to occupy part of their time to avoid the pitfalls of watching the market too closely.

8. When markets are trending up strongly, and there is bad news, the bad news counts for nothing. But if there is a break that reminds people what it is like to lose money in equities, then suddenly the buying is not mindless anymore. People start looking at the fundamentals, and in this case I knew the fundamentals were very ugly indeed.

9. Buying low-beta stocks is a common mistake investors make. Why would you ever want to own boring stocks? If the market goes down 40 percent for macro reasons, they’ll go down 20 percent. Wouldn’t you just rather own cash? And if the market goes up 50 percent, the boring stocks will go up only 10 percent. You have negatively asymmetric returns.

10. If a stock is extremely oversold—say, the RSI is at a three-year low—it will get me to take a closer look at it.8 Normally, if a stock is that brutalized, it means that whatever is killing it is probably already in the price. RSI doesn’t work as an overbought indicator because stocks can remain overbought for a very long time. But a stock being extremely oversold is usually an acute phenomenon that lasts for only a few weeks. 11. If you don’t understand why you are in a trade, you won’t understand when it is the right time to sell, which means you will only sell when the price action scares you. Most of the time when price action scares you, it is a buying opportunity, not a sell indicator.

12. Normally, I let winners run and cut losers. In 2009, however, as a result of the posttraumatic effects of going through the September 2008 to February 2009 period—talking to clients who are going out of business and seeing 50 percent of your fund redeemed is all very wearing—I got into the habit of snatching quick 10 to 15 percent profits in individual positions. Most of these positions then went up another 35 to 40 percent. I consider my pattern of taking quick profits in 2009 a dreadful error that I think came about because I had lost a degree of confidence due to experiencing my first down year in 2008. 13. As an equity trader, I learned the short-selling lessons relatively early. There is no high for a concept stock. It is always better to be long before they have already moved a lot than to try to figure out where to go short.

14. Do you know what happens in a bull market? Prices open up lower and then go up for the rest of the day. In a bear market, they open up higher and go down for the rest of the day. When you get to the end of a bull market, prices start opening up higher. Prices behave that way because in the first half hour it is only the fools that are trading [pause] or people who are very smart. 15. Now that you have switched from net long to net short, what would get you long again? – Buying. If all of a sudden stocks stopped going down on bad news that would be a positive sign.

16. Lots of companies screen as being “cheap.” I think that it’s easy to avoid value traps. The trick is to stay away from companies that can’t grow their cash flow and increase intrinsic value…As Buffett says, “Time is the enemy of the poor business and the friend of the great business.”

17. If I wrote a book about a strategy that worked every month, or even every year, everyone would start using it, and it would stop working. Value investing doesn’t always work. The market doesn’t always agree with you. Over time, value is roughly the way the market prices stocks, but over the short term, which sometimes can be as long as two or three years, there are periods when it doesn’t work. And that is a very good thing. The fact that our value approach doesn’t work over periods of time is precisely the reason why it continues to work over the long term.

18. The institutionalization of the market has shortened time horizons—it has reduced the window of time managers have to outperform. Most managers can’t wait for two years for an investment to work. They have to perform now. Their institutional and individual clients appear to demand it through their money flows.

19. The single best-performing mutual fund for the entire decade was up 18 percent a year, on average, during a period when the market was flat, yet the average investor in that fund lost 8 percent. That is because every time the fund did well, people piled in, and every time it underperformed, people redeemed.

11 Great Quotes About Life On Wall Street

“Everyone has the brainpower to follow the stock market. If you made it through fifth-grade math, you can do it.” – Peter Lynch

“For twenty dollars I can tell you a lot of things. For thirty dollars I can tell you more. And for fifty dollars I can tell you everything.” – “Pee-Wee’s Big Adventure” (1985)

“Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.” - Warren Buffett

“There’s not a lot of money in revenge.” – “Princess Bride” (1987) “One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute.” – William Feather

“The best way you hurt rich people is by turning them into poor people.” – “Trading Places” (1983)

“The United States have developed a new weapon that destroys people but it leaves buildings standing. It’s called the stock market.” – Jay Leno

“Sometimes your best investments are the ones you don’t make.” – Donald Trump

“Lesson number one: Don’t underestimate the other guy’s greed.” – “Scarface” (1983)

“I’m not greedy. I just want my half.” – “Rain Man” (1988)

“Money can’t buy you happiness but it does bring you a more pleasant form of misery.” – Spike Milligan

Words of Wisdom

“Every morning I get up and look through the Forbes list of the richest people in America. If I am not there, I go to work.” – Robert Orben

“The stock market is a battlefield. Always remember to survive in the game first. Only those that survive the battle can enjoy the spoils of war.” - Unknown

“Money cannot buy you happiness, but it does bring you a more pleasant form of misery.” – Spike Milligan

“The only people who buy at the lows and sell at the highs….are liars.” – Baruch

“The investor's chief problem, and even his worst enemy, is likely to be himself.” – Benjamin Graham

“He who hesitates is poor.” – Mel Brooks

“No matter what information you have, no matter what you are doing, you can be wrong.” – Larry Hite

“When a person with experience meets a person with money, the person with experience will get the money. And the person with the money will get some experience.” – Leonard Lauder

“Wall Street is one big turf war. By benefiting one person you are disadvantaging another person.” ...... – Bernie Madoff

“I love the market. It is my work, my play, and my life.” – Rene Rivkin

“If a stock does not act right, don't touch it; because, being unable to tell precisely what is wrong, you cannot tell which way it is going. No diagnosis, no prognosis. No prognosis, no profit.” – Jesse Livermore

“If inflation continues to soar, you're going to have to work like a dog just to live like one.” – George Gobel

“If you want to have a better performance than the crowd, you must do things differently from the crowd.” – Sir John Templeton

“Money is like manure. You have to spread it around or it smells.” J. Paul Getty

“When I was young, I thought that money was the most important thing in life; now that I am old, I know that it is.” – Oscar Wilde “Experience taught me a few things. One is to listen to your gut, no matter how good something sounds on paper. The second is that you are generally better off sticking with what you know. And the third is that sometimes your best investments are the ones you do not make.” - Donald Trump

“It is not whether you are right or wrong that is important, but how much money you make when you are right, and how much you lose when you are wrong.” – George Soros

“Markets can remain irrational longer than you can remain solvent.” – John Maynard Keynes

“I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.” – Warren Buffet

The easiest way to earn money in a stock market is to ask a layman to trade; sell whatever he buys, buy whatever he sells.” – Hriskikech SenGupta

“There are two kinds of investors, be they large or small: those who do not know where the market is headed, and those who do not know that they do not know. Then again, there is a third type of investor- the investment professional, who indeed knows that he or she does not know, but whose livelihood depends on appearing to know.” – William Bernstein

“Good judgment comes from experience, and often experience comes from bad judgment.” – Rita Mae Brown

“There was a time when a fool and his money were soon parted, but now it happens to everybody.” – Adlai Stevenson

“Everything happened as I had foreseen. I was dead right and- I lost every cent I had! I was wiped out by something that was unusual. If the unusual never happened, there would be no difference in people and then there would not be any fun in life. The game would become merely a matter of addition and subtraction. It would make us a race of bookkeepers with plodding minds. It is the guessing that develops a man's brain power.” – “Reminiscences of a Stock Operator” by Edwin Lefevre

“As long as you are enjoying investing, you will be willing to do the homework and stay in the game. If you are not interested, you will either miss the opportunity to make money in the market or not pay enough attention and end up losing your shirt.” – Jim Cramer

“Anyone who lives within their means suffers from a lack of imagination.” – Oscar Wilde

“Insanity is doing the same thing over and over while expecting different results.” – Jesse Livermore

“Since the dawn of capitalism, there has been one golden rule: If you want to make money, you have to take risks.” – Unknown

“Please, God, just one more bubble.” – Bumper sticker, Silicon Valley, 2003

“There is only one side to the stock market…Not the bull side or the bear side, but the right side. It took me longer to get that general principle fixed firmly in my mind that it did most of the more technical phases of the game.” – Jesse Livermore

“If you must play, decide on three things at the start: the rules of the game, the stakes, and the quitting time.” – Chinese proverb

“If you are given a choice between money and sex appeal, take the money. As you get older, the money will become your sex appeal.” – Katherine Hepburn “That's the American way. If little kids don't aspire to make money like I did, what the hell good is this country?” – Lee Lacocca

“There is only one success – to be able to spend your life in your own way.” - Christopher Morley

“A fool may earn money, but it takes a wise man to keep it.” – Scotland

“The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” – John Templeton

“I rarely think the market is right. I believe non dividend stocks aren't much more than baseball cards. They are worth what you can convince someone to pay for it.” – Mark Cuban

“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.” – Peter Lynch

“Your success in investing will depend, in part, on your character and guts, and in part on your ability to realize at the height of ebullience and the depth of despair alike, that this too shall pass.” – John Bogle

“Speculation is a hard and trying business, and a speculator must be on the job all the time, or he'll soon have no job to be on.” – Jesse Livermore

“The men on the trading floor may not have been to school, but they have Ph.D.'s in man's ignorance.” – Michael Lewis

“To whatever degree you haven't accepted the risk, is the same degree to which you will avoid the risk. Trying to avoid something that is unavoidable will have disastrous effects on your ability to trade successfully.” – Mark Douglas

“I hate weekends because there is no stock market.” – Rene Rivkin

“An investor without investment objectives is like a traveler without a destination.” – Ralph Seger

“One way to end up with $1 million is to start with $2 million and use technical analysis.” – Ralph Seger

“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” – Warren Buffet

“The market does not beat them. They beat themselves, because though they have brains, they cannot sit tight.” – Jesse Livermore

“Rule No. 1: Never lose money. Rule No. 2: Never forget rule No. 1.” – Warren Buffet

“Economists have correctly predicted nine of the last five recessions.” – Paul Samuelson

“The stock market will always do whatever makes the greatest number of people look foolish.” – Unknown

“The market is weird. Every time one guy sells, another one buys, and they both think they're smart.” – Unknown

“Stocks are bought on expectations, not facts.” – Gerald M. Loeb

“I know from experience that nobody can give me a tip or series of tips that will make more money for me than my own judgment.” – Jesse Livermore

“P/E ratio – The percentage of investors wetting their pants as this market keeps crashing.” – Anon “When you want to test the depths of a stream, don't use both feet.” – Chinese Proverb

“Nobody can predict interest rates, the future direction of the economy, or the stock market. Dismiss all such forecasts and concentrate on what is actually happening to the companies in which you've invested.” – Peter Lynch

“Go for a business that any idiot can run – because sooner or later, any idiot probably is going to run it.” – Peter Lynch

“After spending many years on Wall Street, and after making and losing millions of dollars. I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting.” – Jesse Livermore

“Those who know don't tell, and those who tell don't know.” – Michael Lewis

“Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.” – Warren Buffet

7 Warren Buffet Quotes that Could Revolutionize Your Trading

1. “Beware of geeks bearing formulas.”

This is a great quote. For the past few years, more and more coders and programmers have flooded into the Forex market. With little to no actual trading experience, they code trading robots and indicators. All these formulas and code usually (or always) amount to nothing, when used live.

Geeks and their formulas don’t meld well with Forex, or other financial markets, especially when the person bearing the formula is not an experienced, professional trader.

2. “If past history was all there was to the game, the richest people would be librarians.”

This one is obvious to experienced traders. What happened last week, month or year or a decade ago will not necessarily repeat itself in Forex.

If you look to the past, for ideas on trading in the future, you won’t be successful. This is why I am a proponent of price action trading. Price action is all about the here and now.

3. “Chains of habit are too light to be felt until they are too heavy to be broken.”

This obviously does not apply only to Forex. However, one of the biggest issues that hurt new traders are bad habits. These come from many different sources. You can have bad personal habits that do not meld well with Forex. If you’re easily stressed, or quick to anger, in day to day life and carry that through to your trading it will hurt you. This is why you should have a strategy in place to nip bad habits in the bud.

Demo accounts are also a major cause of bad habits. Traders who spend a long time trading demo accounts tend to become too open to risk.

4. “Let blockheads read what blockheads wrote.”

I love this quote. There are so many failed Forex traders out there who turn to selling products, because they cannot trade. These guys are marketers not traders. They may be smart people, in general, but when it comes to trading they are idiots. So let the idiots read what the idiots wrote. 5. “Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.”

This one is self-explanatory. Even though it makes perfect sense it is hard to put into practice. That should not stop you from trying though.

6. “Risk comes from not knowing what you’re doing.”

This says it all and it is a huge problem in the Forex market. So many people come into Forex with absolutely no clue what they are doing. Yet they jump into the market and they get batted around, like a cat playing with a little bitty mouse.

7. “When you combine ignorance and leverage, you get some pretty interesting results.”

Even though the CFTC has limited leverage for US traders, outside of the US people can still get leverage as high as 500:1. Leverage can be a great aid if you know what you’re doing. However, when you combine a newbie with leverage it almost certainly spells disaster.

The Top 22 Investment Quotes

Warren Buffett (Net Worth $39 Billion) – “‘Price is what you pay; value is what you get.’ Whether we’re talking about socks or stocks, I like buying quality merchandise when it is marked down.”

George Soros (Net Worth $22 Billion) - “I’m only rich because I know when I’m wrong…I basically have survived by recognizing my mistakes.”

Carl Icahn (Net Worth $13 Billion) - “You learn in this business: If you want a friend, get a dog”

David Rubenstein (Net Worth $2.8 Billion) – “Persist – don’t take no for an answer. If you’re happy to sit at your desk and not take any risk, you’ll be sitting at your desk for the next 20 years.” Ray Dalio (Net Worth $6.5 Billion) – “More than anything else, what differentiates people who live up to their potential from those who don’t is a willingness to look at themselves and others objectively.”

Alisher Usmanov (Net Worth $18.1 Billion) - “First of all I trust my own instinct, experience that I gained over years and feeling when the moment is right for buying shares. That is what one calls intuition.

Carlos Slim (Net Worth $69 Billion) - “Anyone who is not investing now is missing a tremendous opportunity.”

Eddie Lampert (Net Worth $3 Billion) – “This idea of anticipation is key to investing and to business generally. You can’t wait for an opportunity to become obvious. You have to think, “Here’s what other people and companies have done under certain circumstances. Now, under these new circumstances, how is this management likely to behave?”

T. Boone Pickens (Net Worth $1.4 Billion) - “The older I get, the more I see a straight path where I want to go. If you’re going to hunt elephants, don’t get off the trail for a rabbit.”

Charlie Munger (Net Worth $1 Billion) – “If you took our top fifteen decisions out, we’d have a pretty average record. It wasn’t hyperactivity, but a hell of a lot of patience. You stuck to your principles and when opportunities came along, you pounced on them with vigor.”

Jim Cramer (Net Worth $100 Million) - “As long as you enjoy investing, you’ll be willing to do the homework and stay in the game. That’s why I try to make the show so entertaining, because if you aren’t interested, you’ll either miss the opportunity to make money in the market or not pay enough attention and end up losing your shirt.”

Michael Milken (Net Worth $2.1 Billion) – “My experience indicates that most people who’ve accumulated a great deal of wealth haven’t had that as their goal at all. Wealth is only a by- product, not the original motivation.” David Tepper (Net Worth $5 Billion) – “This company looks cheap, that company looks cheap, but the overall economy could completely screw it up. The key is to wait. Sometimes the hardest thing to do is to do nothing.”

Benjamin Graham – R.I.P (Net Worth Unknown) – “The individual investor should act consistently as an investor and not as a speculator. This means that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money’s worth for his purchase.”

Louis Bacon (Net Worth $1.4 Billion) – “As a speculator you must embrace disorder and chaos.”

Paul Tudor Jones (Net Worth $3.2 Billion) - “Were you want to be is always in control, never wishing, always trading, and always, first and foremost protecting your butt. After a while size means nothing. It gets back to whether you’re making 100% rate of return on $10,000 or $100 million dollars. It doesn’t make any difference.”

Peter Thiel (Net Worth $1.5 Billion) – “Value investors look at cash flows. If a company can maintain present cash flows for 5 or 6 years, it’s a good investment. Investors then just hope that those cash flows—and thus the company’s value—don’t decrease faster than they anticipate.”

Bruce Kovner (Net Worth $4.3 Billion) - ” My experience with novice traders is that they trade three to five times too big. They are taking 5 to 10 percent risks on a trade when they should be taking 1 to 2 percent risks. The emotional burden of trading is substantial; on any given day, I could lose millions of dollars. If you personalize these losses, you can’t trade.”

Rene Rivkin (Net Worth $346 Million) - “When buying shares, ask yourself, would you buy the whole company?”

Peter Lynch (Net Worth $352 Million) – “I think you have to learn that there’s a company behind every stock, and that there’s only one real reason why stocks go up. Companies go from doing poorly to doing well or small companies grow to large companies.” John Templeton (Net Worth $20 Billion)- “The time of maximum pessimism is the best time to buy and the time of maximum optimism is the best time to sell.”

John (Jack) Bogle (Net Worth $4 Billion) - “If you have trouble imagining a 20% loss in the stock market, you shouldn’t be in stocks.”

The 15 Best Things Paul Tudor Jones Has Ever Said About Trading

"The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge."

"Intellectual capital will always trump financial capital." "The concept of paying one-hundred-and-something times earnings for any company for me is just anathema. Having said that, at the end of the day, your job is to buy what goes up and to sell what goes down so really who gives a damn about PE's?" (P/E is price to earnings ratio.)

"Every day I assume every position I have is wrong."

"Losers average losers." “There is no training, classroom or otherwise, that can prepare for trading the last third of a move, whether it's the end of a bull market or the end of a bear market."

“You adapt, evolve, compete or die.” "Trading is very competitive and you have to be able to handle getting your butt kicked."

"If trading is like chess, then macro is like three-dimensional chess." "Failure was a key element to my life’s journey."

“After a while size means nothing. It gets back to whether you’re making 100% rate of return on $10,000 or $100 million dollars. It doesn’t make any difference.”

"I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms."

“At the end of the day, the most important thing is how good are you at risk control."

30 NUGGETS OF STOCK MARKET WISDOM

“Wall Street people learn nothing and forget everything.” Ben Graham

“ Buy on the cannons, sell on the trumpets.” Old French Proverb

“A stock broker is one who invests other people’s money until its all gone.” Woody Allen “It is fortunate for Wall Street as an institution that a small minority of people can trade successfully and that many others think they can.” Ben Graham

“Wall Street indices predicted nine out of the last five recessions!” Paul Samuelson

“ There are two kinds of investors, be they large or small: those who don’t know where the market is headed, and those who don’t know that they don’t know. Then again, there is a third type of investor –the investment professional, who indeed knows that he or she doesn’t know, but whose livelihood depends upon appearing to know.” William Bernstein

“The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind.” Gordon Gekko

“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.” George Soros

“October: This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” Mark Twain

“If past history was all there was to the game, the richest people would be librarians.” Warren Buffett

“Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.” Warren Buffett

“A market is the combined behavior of thousands of people responding to information, misinformation and whim.” Kenneth Chang

“The four most dangerous words in investing are “This time it’s different”. John Templeton

“Money can’t buy you happiness but it does bring you a more pleasant form of misery.” Spike Milligan

“If you don’t follow the stock market, you are missing some amazing drama.” Mark Cuban

“The average man doesn’t wish to be told that it is a bull or a bear market. What he desires is to be told specifically which particular stock to buy or sell. He wants to get something for nothing. He does not wish to work. He doesn’t even wish to have to think.” Jesse Livermore

“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.” Peter Lynch

“ Markets can remain irrational longer than you can remain solvent” John Maynard Keynes

“The markets will return to rationality the moment you have been rendered insolvent.” Dennis Gartman

“Risk is good. Not properly managing your risk is a dangerous leap” Evel Knievel

“Sometimes your best investments are the ones you don’t make.” Donald Trump

“The most predictable thing about the stock market is the number of experts who take credit for predicting it.” Dave Weinbaum

“I have probably purchased fifty ‘hot tips’ in my career, maybe even more. When I put them all together, I know I am a net loser.” Charles Schwab

“Money talks… but all mine ever says is good-bye.” Anon “Don’t gamble! Take all your savings and buy some good stock and hold it ‘till it goes up, then sell it. If it don’t go up, don’t buy it.” Will Rogers

“Give me a stock clerk with a goal and I’II give you a man who will make history. Give me a man with no goals and I’II give you a stock clerk.” James Cash

“Never make forecasts, especially about the future.” Samuel Goldwin

“Stocks are bought on expectations, not facts.” Gerald M. Loeb

“Your success in investing will depend in part on your character and guts, and in part on your ability to realize at the height of the ebullience and the depth of despair alike that this too shall pass.” John Bogle

“You make most of your money in a bear market, you just don’t realize it at the time.” Shelby Davis

50+ famous quotes adapted to trading.

Here are some famous quotes adapted to trading.

A man should look for what is, and not for what he thinks should be. Albert Einstein

A trader should look at a chart for what it is, and not for what he want it to be. A person who never made a mistake never tried anything new. Albert Einstein

A trader who has never lost, is not a trader yet. All men by nature desire knowledge. Aristotle

All traders by nature desire ways to find profitable trades. Bring your desires down to your present means. Increase them only when your increased means permit. Aristotle

Trade within your ability and risk tolerance. Increase size and frequency when ability and tolerance permits it. Being ignorant is not so much a shame, as being unwilling to learn. Benjamin Franklin

Losing because of a new situation is fine, losing again is the beginning of the end. By failing to prepare, you are preparing to fail. Benjamin Franklin

The easiest thing to do is prepare. If you don’t, on behalf of the other market participants, we thank you. Creditors have better memories than debtors. Benjamin Franklin

You will always remember the trades that could have been and forget about the risks that were involved. Applause is a receipt, not a bill. Dale Carnegie

Your trading statement is the receipt, not your spreadsheet. First ask yourself: What is the worst that can happen? Then prepare to accept it. Then proceed to improve on the worst. Dale Carnegie

The more you mentally prepare and accept loss the less psychological capital it takes. A pair of powerful spectacles has sometimes sufficed to cure a person in love. Friedrich Nietzsche

Separate your desire from actions. After coming into contact with a religious man I always feel I must wash my hands. Friedrich Nietzsche

After talking to a guru or anyone with the holy grail, I always take a hot shower, burn the clothes I was wearing, and drink them out of my mind. Ah, women. They make the highs higher and the lows more frequent. Friedrich Nietzsche

Focusing on the result (making money), makes winning more fun but less frequent. Always do whatever’s next. George Carlin

Move on, understand what happened in the past but do not have an emotional attachment to it. Fighting for peace is like screwing for virginity. George Carlin

Fighting yourself is like robbing your own bank. A good plan violently executed now is better than a perfect plan executed next week. George S. Patton

A trading plan is just words until you act on it. I don’t measure a man’s success by how high he climbs but how high he bounces when he hits bottom. George S. Patton

The easiest thing to handle is winning, but trading doesn’t start until you lose. If everyone is thinking alike, then somebody isn’t thinking. George S. Patton

If every trader is the long there is no money in being long unless you were first. Be courteous to all, but intimate with few, and let those few be well tried before you give them your confidence. George Washington

Don’t marry a trade but if you must make sure you have a prenup. Experience teaches us that it is much easier to prevent an enemy from posting themselves than it is to dislodge them after they have got possession. George Washington

Your habits are easily formed but be aware they are hard to pay for. A man is rich in proportion to the number of things he can afford to let alone. Henry David Thoreau

Just because the market is open does not mean you have to trade. Cash is a position too. All men are children, and of one family. The same tale sends them all to bed, and wakes them in the morning. Henry David Thoreau

Your worth as a trader is today’s trading statement, it is re-calculated daily. All this worldly wisdom was once the unamiable heresy of some wise man. Henry David Thoreau

The trading genius was previously an idiot or is closer to being one tomorrow. Keep learning. A bore is a person who opens his mouth and puts his feats in it. Henry Ford

All trading results are insignificant unless it is your last. Coming together is a beginning; keeping together is progress; working together is success. Henry Ford

Having trading discipline is the beginning; keeping discipline is the progress; staying discipline is the success. Be candid with everyone. Jack Welch

Be honest with yourself, if or when you fail the change of direction will not kill you. Change before you have to. Jack Welch

The market will force you to change if you don’t and it is painful and disheartening. Control your own destiny or someone else will. Jack Welch

Put yourself in the best position or you will not have a position come tomorrow. Face reality as it is, not as it was or as you wish it to be. Jack Welch

Bend your view to the charts, not the charts to your view. Even Castles made of sand, fall into the sea, eventually. Jimi Hendrix

If the base of your trading was built on weak grounds, it is not a matter of if you fail but when you fail. I try to use my music to move these people to act. Jimi Hendrix

I place my entries and exits where I am assured people will have to act. I used to live in a room full of mirrors; all I could see was me. Jimi Hendrix

You are not the market, but some days you are a bigger part of it. Abuse of words has been the great instrument of sophistry and chicanery, of party, faction, and division of society. John Adams

Trading can be simple if you let it. The stakeholders want to convince you otherwise, making their accomplishment and pocketbooks larger. In politics the middle way is none at all. John Adams

Indecision will lead to failure even if it does not result in losing money. Efforts and courage are not enough without purpose and direction. John F. Kennedy

Any trader can take risk, a great trader can do it with purpose and use it to their advantage. Forgive your enemies, but never forget their names. John F. Kennedy

Move past your losing trades don’t erase them, just forget how you felt. I don’t think the intelligence reports are all that hot. Some days I get more out of the New York Times. John F. Kennedy

Understand from whom and why you are getting “hot” tips. Adversity is the state in which man mostly easily becomes acquainted with himself, being especially free of admirers then. John Wooden

Losing is lonely, but it can be the easiest way to get to know yourself. It builds a base in which we never have to go below again. Don’t measure yourself by what you have accomplished, but by what you should have accomplished with your ability. John Wooden

If you make money by making a mistake, it is loan with a very high defualt rate. Failure is not fatal, but failure to change might be. John Wooden

Losing only matters if you lost because of a lesson you were already taught. If you don’t have time to do it right, when will you have time to do it over? John Wooden

Develop a plan before you trade or do it later with less cash and more frustration. History repeats itself, first as tragedy, second as farce. Karl Marx

A result is rarely an aberration, never treat it as one. Be content to seem what you really are. Marcus Aurelius

Find yourself and trade that way. Because a thing seems difficult for you, do not think it impossible for anyone to accomplish. Marcus Aurelius

Because trading seems difficult today, it was not for someone else. Stick with it, the roles may reverse tomorrow. Confine yourself to the present. Marcus Aurelius

A trade is not connected to another, unless you let. A man is never more truthful than when he acknowledges himself a liar. Mark Twain

Not accepting a failure is to not learn from it. A man’s character may be learned from the adjectives which he habitually uses in conversation. Mark Twain

If you lose you are not necessarily a loser, if you call yourself a loser no one will be able to change your mind. Against the assault of laughter nothing can stand. Mark Twain

Don’t risk more than you cannot look at positively later. A lie cannot live. Martin Luther King, Jr.

Eventually you will run out of money if you run from your losses. Everything that we see is a shadow cast by that which we do not see. Martin Luther King, Jr.

You may not understand it fully right now but the market is always right. He who hesitates is poor. Mel Brooks

If you are thinking about getting out, your competition is already flat. Always turn a negative situation into a positive situation. Michael Jordan A loss is only a loss if you lose the lesson. I’ve failed over and over and over again in my life and that is why I succeed. Michael Jordan

The view of trading changes after a loss it is your job to get it back to where it was. The game is my wife. It demands loyalty and responsibility, and it gives me back fulfillment and peace. Michael Jordan

If you do not respect the market it will not respect you. I have found the paradox, that if you love until it hurts, there can be no more hurt, only more love. Mother Teresa

If you understand and accept risk, you will never risk too much again. If you can’t feed a hundred people, then feed just one. Mother Teresa

It does not matter how successful you were today, it just matters that you were successful.

Buy on fear, sell on greed.

Sir John Templeton Quotes

Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.

If you want to have a better performance than the crowd, you must do things differently from the crowd.

The four most dangerous words in investing are 'This time it's different'.

Warren Buffett Quotes

If you expect to continue to purchase stocks throughout your life, you should welcome price declines as a way to add stocks more cheaply to your portfolio.

Calling someone who trades actively in the market an investor is like calling someone who repeatedly engages in one-night stands a romantic

If you are not willing to own a stock for 10 years, do not even think about owning it for 10 minutes.

Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.

I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.

If past history was all there was to the game, the richest people would be librarians.

In the business world, the rearview mirror is always clearer than the windshield.

Our favourite holding period is forever.

The business schools reward difficult complex behavior more than simple behavior, but simple behavior is more effective.

We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful. George Soros Quotes

Stock market bubbles don't grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.

Well, you know, I was a human being before I became a businessman.

The financial markets generally are unpredictable. So that one has to have different scenarios. The idea that you can actually predict what's going to happen contradicts my way of looking at the market.

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.

Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.

Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention and I wouldn't under-estimate the value of that, but they're not designed to take care of social needs.

Peter Lynch Quotes

You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets.

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.

I've found that when the market's going down and you buy funds wisely, at some point in the future you will be happy. You won't get there by reading 'Now is the time to buy.'

Go for a business that any idiot can run - because sooner or later, any idiot probably is going to run it.

Benjamin Graham Quotes

Wall Street people learn nothing and forget everything.

Most of the time common stocks are subject to irrational and excessive price fluctuations in both directions as the consequence of the ingrained tendency of most people to speculate or gamble... to give way to hope, fear and greed.

The individual investor should act consistently as an investor and not as a speculator. This means.. that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase.

I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.

Jack Bogle Quotes

Time is your friend; impulse is your enemy.

If you have trouble imaging a 20% loss in the stock market, you shouldn't be in stocks.

William O'Neil Quotes

What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower. Jim Cramer Quotes

As long as you enjoy investing, you'll be willing to do the homework and stay in the game. That's why I try to make the show so entertaining, because if you aren't interested, you'll either miss the opportunity to make money in the market or not pay enough attention and end up losing your shirt.

Picking the right stocks is one of the hardest parts of investing, and every night on Mad Money, I try to take some of that burden off your shoulders.

Robert Kiyosaki Quotes

I have a problem with too much money. I can't reinvest it fast enough, and because I reinvest it, more money comes in. Yes, the rich do get richer.

We go to school to learn to work hard for money. I write books and create products that teach people how to have money work hard for them.

Jesse Livermore Quotes

When I'm bearish and I sell a stock, each sale must be at a lower level than the previous sale. When I am buying, the reverse is true. I must buy on a rising scale. I don't buy long stocks on a scale down, I buy on a scale up.

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.

I never hesitate to tell a man that I am bullish or bearish. But I do not tell people to buy or sell any particular stock. In a bear market all stocks go down and in a bull market they go up.

19 Famous Quotes From Great Investors That You Can Still Rely On Today

“The first rule is not to lose. The second rule is not to forget the first rule.” “If past history was all there was to the game, the richest people would be librarians.”

“Risk comes from not knowing what you’re doing.” “Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.”

“Buy on fear, sell on greed.” “Amateurs want to be right. Professionals want to make money.”

“If you want to have a better performance than the crowd, you must do things differently from the crowd.” “The four most dangerous words in investing are ‘This time it’s different’.”

“If you are not willing to own a stock for 10 years, do not even think about owning it for 10 minutes.” “Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway.” “I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.” “In the business world, the rearview mirror is always clearer than the windshield.”

“Stock market bubbles don’t grow out of thin air. They have a solid basis in reality, but reality as distorted by a misconception.” “The financial markets generally are unpredictable. So that one has to have different scenarios. The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.”

“Go for a business that any idiot can run – because sooner or later, any idiot probably is going to run it.” “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.”

“Wall Street people learn nothing and forget everything.” “Time is your friend; impulse is your enemy.”

“What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.”

The Top 17 Investing Quotes of All Time

1. "An investment in knowledge pays the best interest." - Benjamin Franklin When it comes to investing, nothing will pay off more than educating yourself. Do the necessary research, study and analysis before making any investment decisions.

2. "Bottoms in the investment world don't end with four-year lows; they end with 10- or 15-year lows." - Jim Rogers While 10-15 year lows are not common, they do happen. During these down times, don't be shy about going against the trend and investing; you could make a fortune by making a bold move - or lose your shirt. Remember quote #1 and invest in an industry you've researched thoroughly. Then, be prepared to see your investment sink lower before it turns around and starts to pay off.

3. "I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful." - Warren Buffett Be prepared to invest in a down market and to "get out" in a soaring market. (For more, read Think Like Warren Buffett.)

4. "The stock market is filled with individuals who know the price of everything, but the value of nothing." - Phillip Fisher Another testament to the fact that investing without an education and research will ultimately lead to regrettable investment decisions. Research is much more than just listening to popular opinion.

5. "In investing, what is comfortable is rarely profitable." - Robert Arnott At times, you will have to step out of your comfort zone to realize significant gains. Know the boundaries of your comfort zone and practice stepping out of it in small doses. As much as you need to know the market, you need to know yourself too. Can you handle staying in when everyone else is jumping ship? Or getting out during the biggest rally of the century? There's no room for pride in this kind of self-analysis. The best investment strategy can turn into the worst if you don't have the stomach to see it through.

6. "How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case." - Robert G. Allen Though investing in a savings account is a sure bet, your gains will be minimal given the extremely low interest rates. But don't forgo one completely. A savings account is a reliable place for an emergency fund, whereas a market investment is not. (To learn more, see Savings Accounts Not Always The Best Place For Cash Assets.)

7. "Invest in yourself. Your career is the engine of your wealth." - Paul Clitheroe We all want wealth, but how do we achieve it? It starts with a successful career which relies on your skills and talents. Invest in yourself through school, books, or a quality job where you can acquire a quality skill set. Identify your talents and find a way to turn them into an income-generating vehicle. In doing so, you can truly leverage your career into an "engine of your wealth."

8. "Every once in a while, the market does something so stupid it takes your breath away." - Jim Cramer There are no sure bets in the world of investing; there is risk in everything. Be prepared for the ups and downs. (To read more on how Cramer makes his pick, see Cramer's 'Mad Money' Recap: Tools of the Trade.)

9. "The individual investor should act consistently as an investor and not as a speculator." - Ben Graham You are an investor, not someone who can predict the future. Base your decisions on real facts and analysis rather than risky, speculative forecasts.

10. "It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for." - Robert Kiyosaki If you're a millionaire by the time you're 30, but blow it all by age 40, you've gained nothing. Grow and protect your investment portfolio by carefullydiversifying it, and you may find yourself funding many generations to come.

11. "Know what you own, and know why you own it." - Peter Lynch Do your homework before making a decision. And once you've made a decision, make sure to re-evaluate your portfolio on a timely basis. A wise holding today may not be a wise holding in the future.

12. "Financial peace isn't the acquisition of stuff. It's learning to live on less than you make, so you can give money back and have money to invest. You can't win until you do this." - Dave Ramsey By being modest in your spending, you can ensure you will have enough for retirement and can give back to the community as well.

13. "Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas." - Paul Samuelson If you think investing is gambling, you're doing it wrong. The work involved requires planning and patience. However, the gains you see over time are indeed exciting! (For more reasons to be patient, check out Patience Is A Trader's Virtue.)

14. "I would not pre-pay. I would invest instead and let the investments cover it." - Dave Ramsey A perfect answer to the question: "Should I pay off my _____(fill in the blank) or invest for retirement?" That said, a credit card balance ringing up 30% can turn into a black hole if not paid off quickly. Basically, pay off debt at high interest rates and keep debt at low ones.

15. "The four most dangerous words in investing are: 'this time it's different.'" - Sir John Templeton Follow market trends and history. Don't speculate that this particular time will be any different. For example, a major key to investing in a particular stock or bond fund is its performance over five years. Nothing shorter.

16. "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett In the beginning, diversification is relevant. Once you've gotten your feet wet and have confidence in your investments, you can adjust your portfolio accordingly and make bigger bets. (For more reason to reduce your diversification, read The Dangers Of Over-Diversifying Your Portfolio.)

17. "You get recessions, you have stock market declines. If you don't understand that's going to happen, then you're not ready, you won't do well in the markets." - Peter Lynch When hit with recessions or declines, you must stay the course. Economies are cyclical, and the markets have shown that they will recover. Make sure you are a part of those recoveries!

The Bottom Line The world of investing can be cold and hard. But if you do thorough research and keep your head on straight, your chances of long-term success are good. Refer back to these quotes when you're feeling shaky or are confused about investing. How are they relevant to your experience? Do you have any favorite quotes to add? (To learn more from great investors, read Greatest Investors.)

Top Trading Quotes "I think to be in the upper echelon of successful traders requires an innate skill, a gift. It`s just like being a great violinist. But to be a competent trader and make money is a skill you can learn". - Michael Marcus, Trader

"Successful investing is anticipating the anticipations of others." - John Maynard Keynes

"No profession requires more hard work, intelligence, patience, and mental discipline than successful speculation." - Robert Rhea

"In bear markets, stocks usually open strong and close weak. In bull markets, they tend to open weak and close strong." - William J. O'Neill

"The policy of being too cautious is the greatest risk of all."- J. Nehru

"You don`t need to be a weatherman to know which way the wind blows" - Bob Dylan

"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" - Marty Schwartz, Pit Bull

"More men have become great through practice than by nature."- Democritus

"Volatility is greatest at turning points, diminishing as a new trend becomes established." - George Soros

"I was seldom able to see an opportunity until it had ceased to be one." - Mark Twain

"Panics do not destroy capital—they merely reveal the extent to which it has previously been destroyed by its betrayal in hopelessly unproductive works."- John Stuart Mill (1806 - 1873)

“Superlative performance is really a confluence of dozens of small skills or activities, each one learned or stumbled upon, which have been carefully drilled into habit and then are fitted together in a synthesized whole. There is nothing extraordinary or superhuman in any one of those actions; only the fact that they are done consistently and correctly, and all together, produce excellence.” - Daniel F. Chambliss, Professor of Sociology

"Success consists of going from failure to failure without loss of enthusiasm." - Winston Churchill

"Every trader has strengths and weakness. Some are good holders of winners, but may hold their losers a little too long. Others may cut their winners a little short, but are quick to take their losses. As long as you stick to your own style, you get the good and bad in your own approach." - Michael Marcus

"The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

"Vision without action is a daydream. Action without vision is a nightmare." - Japanese proverb

"A great trader is like a great athlete . You have to have natural skills, but you have to train yourself how to use them." - Marty Schwartz, Pit Bull

"One characteristic I've found among successful traders is that they function effectively when they're not trading. When markets become very quiet and range bound, they occupy themselves with a variety of activities, from sharing ideas with peers to conducting research. Traders who do not tolerate inactivity well inevitably feel the need to trade, often when there is no objective edge present. For them, losing money is less onerous than experiencing boredom." - in Trader Feed

"To be a super-trader, you'll need an edge to overcome the laws of probability and the uncertainty of the marketplace. That edge comes from information flow, the ability to correct your habits in terms of the market's characteristics, and being able to take risks, cut losses, expand your information network, ferret out ideas, and take recommendations." - Trading to Win, Ari Kiev

Two rules for investing/trading:

Rule number one : most things will prove to be cyclical

Rule number two : some of the greatest opportunities for gain and loss come when other people forget rule number one-

Howard Marks

"Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell. If you want to have a better performance than the crowd, you must do things differently from the crowd." - Sir John Templeton

"Money won't buy happiness, but it will pay the salaries of a large research staff to study the problem." - Bill Vaughan

"A lot of people get so enmeshed in the markets that they lose their perspective. Working longer does not necessarily equate with working smarter. In fact, sometimes is the other way around." - Martin Schwartz, in Pit Bull

"The markets are the same now as they were five or ten years ago because they keep changing-just like they did then.” - Ed Seykota

“I have been trading for decades and I am still standing. I have seen a lot of traders come and go. They have a system or a program that works in some specific environments and fails in others. In contrast, my strategy is dynamic and ever evolving. I constantly learn and change.” - Thomas Busby in Trade To Win

“Have no fear of perfection - you'll never reach it.” - Salvador Dalí

"The ability to foresee that some things cannot be foreseen is a very important quality". - Rousseau

"A handful of patience is worth a bushel of brains" - ...... Dutch Proverb

"The game taught me the game. And it didn’t spare me rod while teaching."- Jesse Livermore

"Investing is no different. It is a game of repetition where hundreds of small actions result in one larger result. But most importantly, it is a game of risk management. It is not the home run hitter who wins in the long-run. Rather, it is that strategist who devises the best long-term plan who ultimately wins. While hitting home runs is sexy it is rarely a recipe for success in the investment world. Aim high, but play small. Over time, good risk management and patience wins. Power is no substitute for precision and patience. The same is true in the world of investing." - in The Prag Cap

"I think it was a long step forward in my trading education when I realized at last that when old Mr. Partridge kept on telling other customers, “Well, you know this is a bull market!” he really meant to tell them that the big money was not in the individual fluctuations but in the main movements-that is, not in reading the tape but in sizing up the entire market and its trend." - Jesse Livermore

"Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money." - Bruce Kovner, hedge fund manager

"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." - Jesse Livermore, Reminiscences Of A Stock Operator

"I have learned through the years that after a good run of profits in the markets, it`s very important to take a few days off as a reward. The natural tendency is to keep pushing until the streak ends. But experience has taught me that a rest in the middle of the streak can often extend it."- Martin Schwartz, in Pit Bull

"It is not enough to have a good mind. The main thing is to use it well." - Rene Descartes

"A peak performance trader is totally committed to being the best and doing whatever it takes to be the best. He feels totally responsible for whatever happens and thus can learn from mistakes. These people typically have a working business plan for trading because they treat trading as a business" - Van K Tharp

"If somebody had told me my method would not work I nevertheless would have tried it out to make sure for myself, for when I am wrong only one thing convinces me of it, and that is, to lose money. And I am only right when I make money. That is speculating." - Jesse Livermore

"The most important organ in the body as far as the stock market is concerned is the guts, not the head. Anyone can acquire the know-how for analyzing stocks." - Peter Lynch

"I discovered, from the analysis of over 25,000 people, that men who succeed in an outstanding way, seldom do so before the age of forty, and more often they do not strike their real pace until they are well beyond the age of fifty." - Napoleon Hill, Think & Grow Rich

"Obviously the thing to do was to be bullish in a bull market and bearish in a bear market… I came to learn that even when one is properly bearish at the very beginning of a bear market it is not well to begin selling in bulk until there is no danger of the engine back-firing." - Jesse Livermore

"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." - Alexander Elder

"Money doesn't always bring happiness. People with ten million dollars are no happier than people with nine million dollars." - Hobart Brown

"Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money." - Ed Seykota, trader

"To be a good trader, you need to trade with your eyes open, recognize real trends and turns, and not waste time or energy on regrets and wishful thinking." - Alexander Elder

"Markets can remain irrational longer than you can remain solvent." - John Maynard Keynes

"The markets are unforgiving, and emotional trading always results in losses." - Alexander Elder

"When a falling stock becomes a screaming buy because it cannot conceivably drop further, try to buy it thirty percent lower." - Al Rizzo

"Your ultimate success or failure will depend on your ability to ignore the worries of the world long enough to allow your investments to succeed." - Peter Lynch

"There is only one side of the market and it is not the bull side or the bear side, but the right side." - Jesse Livermore

"I know at last what distinguishes man from animals; financial worries." -

Romain Rolland