My love for historical quotes is not something that I developed recently. I was always noting interesting quotes. I find them as one-sentence reminders for correcting one's mentality. Below you may find a small part of my collection as well as some personal comments, expressing personal opinions.
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“… opportunities are like buses, there’s always another one coming.”— Richard Branson
Maybe this quote is my favorite. I was recently reading Tom Hougaard’s book “best loser, wins”, and something that he was repeatedly mentioning is that a trader needs to have the belief that his or her system works, and of course, that the market would always have enough opportunities for every trader so he or she could be profitable.
This quote is a constant reminder that there are always opportunities in the market. Missing one trade here and there won’t be the end of the world.
“Rule #1: Never lose money. Rule #2: Never forget Rule #1.”— Warren Buffet
Maybe one of the most famous in the finance industry and when it comes to investing in general.
The main goal for every trader and investor should be to minimize his or her losses. From Jesse Livermore to Warren Buffet, every successful financier had to minimize losses and let the winners run.
“History never repeats but it often rhymes.”— Mark Twain
Markets are been created when many people transact with each other. These transactions carry also traits of human behavior.
Greed and fear, are common to us all, and these can be clearly seen in the markets. Trends come and go, assets reverting back to the mean, breakout, and start all over again.
Market conditions may change all the time but the basic behavior rhymes.
“Knowing is not enough, we must apply. Willing is not enough, we must do.”– Johann Wolfgang von Goethe&“Action speaks louder than words but not nearly as often.”– Mark Twain
These two quotes are another personal constant reminder that everything learned must be applied, tested, improved, and become a piece of my overall trading and investing puzzle.
The former is not enough by itself.
“Do what you can, with what you have, with where you are.”– Theodore Roosevelt&“Have no fear of perfection — you’ll never reach it.”– Salvador Dali
These quotes can extend the previously mentioned quotes by reminding us to take action as soon as possible, and not wait until every single variable is perfect, or until the stars are aligned. Since action is the cornerstone of success.
“I have not failed. I’ve just found 10,000 ways that won’t work.”– Thomas A. Edison&“I don’t read books, I don’t play cards, I don’t go to the theater. My only pleasure is my business.”– Nathan Rothschild
Persistence and dedication are also important character traits. It would never be enough to take immediate action, but for a small amount of time. Proficiency comes with time.
“We are what we repeatedly do. Excellence then, is not an act, but a habit.”– Aristotle
This quote is proof that people who lived thousands of years before understood the value of consistency and dedication.
“No problem can be solved until it is reduced to some simple form. The changing of a vague difficulty into a specific, concrete form is a very essential element in thinking.”– J. P. Morgan
Eventually, every trip to excellence reaches a plateau level. This is the time to break down the newfound problems into smaller ones and find a counteraction to each one, in order to be able to continue reaching one's goal.
“Whether you think you can, or you think you can’t, you’re right.”– Henry Ford
Belief is something that can glue or destroy a market, community, or even a country. Belief in one’s trading system or investment strategy and skills are also key elements according to Tom Hougaard.
More specifically, he mentions that a trader needs a system that produces an edge, whatever it can be, belief in one’s skills, and belief that the market would generate trading opportunities.
“People who are unable to motivate themselves must be content with mediocrity, no matter how impressive their other talents.”– Andrew Carnegie
Trading as well as entrepreneurship in general is often a lonely profession. Self-motivation is a key element that would define the duration of the dedication one can have.
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“The trouble is, you think you have time.”– Buddha&“How can you move faster then possible, fight longer then possible, without the most powerful impulse of the spirit? The fear of death.’”— Doctor, The Dark Knight Rises
Of course, time, contrary to information in our day and time, is not infinite. Deadlines are very important. They are needed in order to create actionable lists and realistic goals.
“You cannot push anyone up a ladder unless he is willing to climb a little himself.”– Andrew Carnegie
No teachers, mentors, courses, friends, or relatives can help one if he or she is not willing to take action personally and accept the responsibility for their life.
“If somebody offers you an amazing opportunity and you’re not sure you can do it, say yes! Then learn how to do it later.”– Sir Richard Branson
If the inaction comes from uncertainty, the opportunity must be accepted if it creates enough excitement. The way to do it can be found afterward. One needs to take a leap of faith at some points.
“The first method for estimating the intelligence of a ruler is to look at the men he has around him.”– Niccolo Machiavelli
Although nobody can help anyone hundred percent, it is very important for an individual to be in a circle of people that are doing what one needs to learn. This is a shortcut to success for dedicated persons.
“When I was a child my mother said to me, ‘If you become a soldier, you’ll be a general. If you become a monk, you’ll be the pope.’ Instead I became a painter and wound up as Picasso.”— Pablo Picasso
But when a decision has been made to follow a path, strive to be the best.
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