* Everyone has a stop-loss level: For some, it’s a price; for others, it’s a pain threshold.
* It’s not stress and emotion that get in the way of trading; it’s the stress and emotion that results when trading becomes personal: about you, rather than about supply and demand.
* The measure of a trader is how hard he or she works when markets are closed.
* When traders don’t track their results, it’s because they don’t want to know them.
* The best traders have a passion for markets; the worst have a passion for trading.
* When it comes to market history, there are only two choices: trading with awareness of it, trading in ignorance of it.
* I recently encountered a daytrader of currencies who was trading EUR/USD with high leverage. News came out in Europe and the market blew through the trader’s mental stop-loss. The trader had no idea that an economic report was due at that time; he was only looking at chart patterns. That represents trading at its worst.
* Losing a job or not wanting a 9-to-5 one is not the right reason to pursue trading.
* Markets tend to move in the direction of the greatest number of stops.
* The best traders are not relaxed *and* they are not anxious. They are alert.
* Deep down, traders who don’t prepare don’t feel they deserve to win. We always gravitate toward our just desserts.