Trading quotes will keep you motivated when the going gets rough. Sometimes, we all need a spiritual boost to keep going. There is always a possibility that the market will turn against you, even despite the most calculated of all strategies. Some of these Forex trading quotes speak volumes about the market and its workings. These are useful reminders that warn us to be prudent and avoid foolish mistakes. Here are some of the most memorable quotes Forex.
Discover the best Forex historical quotes, and learn from present-day gurus. You may consider following some of the brightest Forex YouTube stars. These are renowned experts whose insights are also invaluable!
The Best Forex Quotes
These quotes are categorized by subject. Discover famous phrases describing the mindset, strategies, and risk management tools which increase your chances of success. When you feel your motivation fade, read these powerful phrases to get back on track. First, here are three notable quotes to get started.
- “You can be free. You can live and work anywhere in the world. You can be independent of routine and not answer to anybody.” — Alexander Elder
Being a trader is liberating. You can be your own boss and determine your own schedule. This gives an incredible sense of freedom. Check our Forex careers list — trading currencies from home is not the only option!
- “Beware of trading quotes.” — Andreas Clenow
Quotes from successful traders and investors may inspire you. However, do not view them as your primary source of knowledge about the market. Use different sources to learn how the market moves. Today, there is no shortage of educational material, including free courses.
- “How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.” — Robert G. Allen
Investment and trading are never risk-free. The safest options are also the most boring and least profitable. Nobody gets rich from a bank deposit, as the interest may only cover the inflation rate. On the other hand, Forex can be highly profitable but also highly risky. Therefore, traders should manage their losses if they want to achieve impressive gains.
Quotes About Trading Psychology
1. “Time is your friend; impulse is your enemy.” — John Bogle
Emotions are every trader’s foe. They cause us to behave in irrational ways and make decisions we regret later. To succeed, you need to learn to take your time. Suppress those impulses and focus on the big picture. One wrong move can leave you empty-pocketed.
2. “If most traders would learn to sit on their hands 50 per cent of the time, they would make a lot more money.” — Bill Lipschutz
All too often, traders chase losses, enter or exit their trades prematurely. This happens because they have no emotional control. Experts know that patience pays off in the long run. You just need to maintain your composure regardless of what is happening.
3. “There is a time to go long, a time to go short and a time to go fishing.” — Jesse Livermore
Sometimes, you need to stop and take a break. If the market is clearly moving against you, do not chase losses. This will only deepen your frustration and possibly wipe out your deposit. Instead, look back and review your results to learn lessons.
4. “The desire for constant action irrespective of underlying conditions is responsible for many losses in 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
Do not trade just because you feel the urge to do it. It is impossible to make money daily.
5. “Money is made by sitting, not trading.” — Jesse Livermore
Patience is paramount. Watch the market and open positions when profit is really possible. Do not trade out of boredom or agitation.
6. “If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” — Mark Douglas
Trading is stressful. Learn to handle the pressure and maintain composure. Make rational decisions even when your fellow traders are panicky.
7. “Why do you think unsuccessful traders are obsessed with market analysis? They crave the sense of certainty that analysis appears to give them. Although few would admit it, the truth is that the typical trader wants to be right on every single trade. He is desperately trying to create certainty where it just doesn’t exist.” — Mark Douglas
In trading, there is no such thing as absolute precision. Your analysis should be as accurate as possible, but mistakes will happen anyway. The goal is to make failures rare, rather than eliminate them.
8. “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
This is another quote on patience. Traders need to wait for the right conditions, the convergence of factors before making their moves. Unlike gambling, Forex is based on knowledge and analysis. Luck plays a role, but nothing can help a reckless trader.
9. “I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime.” — Jim Rogers
Again, timing is extremely important. Traders need to be patient and wait for the right conditions to reveal themselves. Take action when you are sure the time is right.
10. “Trading doesn’t just reveal your character, it also builds it if you stay in the game long enough.” — Yvan Byeajee
Forex can become a lifelong career that will also change your mindset. It teaches people to be prudent and avoid foolhardy behaviour.
11. “Focus, patience, wise discernment, non-attachment — the skills you acquire in meditation and the skills you need to thrive in trading are one and the same.” — Yvan Byeajee
You may be surprised to hear that trading should be mindful. Mindfulness is a trendy concept, but it is actually profound. Traders need to analyse their actions and motivations objectively, so they can discard moves which are at odds with their strategy. These are transferable skills that help them in everyday life, too.
12. “Confidence is not ‘I will profit on this trade.’ Confidence is ‘I will be fine if I don’t profit from this trade.” — Yvan Byeajee
Do not view failure as a disaster. Develop a structured approach to losses as well as profits.
13. “You will never find fulfilment trading the markets if you don’t learn to appreciate and be satisfied with what you already have.” — Yvan Byeajee
Take stock of your achievement and protect them as you move further. A single misstep can wipe out what you spent so long building.
14. “Learn to take losses. The most important thing in making money is not letting your losses get out of hand.” — Martin Schwartz
Chasing losses is a deadly sin in Forex. Acknowledge your mistakes and use them to improve your strategy. Mental suffering will not do you any good.
15. “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 nine years and got rich as a technician.” — Martin Schwartz
Technical and fundamental analysis are equally important. Just because some traders fail to benefit from charts, do not consider these aids useless. When used properly, technical indicators are really helpful.
16. “When I get hurt in the market, I get the hell out. It doesn’t matter at all where the market is trading. I just get out, because I believe that once you’re hurt in the market, your decisions are going to be far less objective than they are when you’re doing well… If you stick around when the market is severely against you, sooner or later they are going to carry you out.” — Randy McKay
Never trade on emotions. Do not let impulses cloud your judgement. Every decision must be calculated and justified by supporting evidence. Whenever you feel strong emotions, refrain from trading altogether.
Quotes About Trading Strategy
1. “The goal of a successful trader is to make the best trades. Money is secondary.” — Alexander Elder
Do not think about profits alone. Focus on your strategy and keep honing it. If you have only monetary results in mind, you risk making irrational decisions. Develop a consistent approach and stick to it!
2. “All the math you need in the stock market you get in the fourth grade.” — Peter Lynch
Sometimes, a fancy strategy is less effective than a basic one. Keep it simple: the more factors you need to consider, the higher the probability of errors.
3. “Novice Traders trade 5 to 10 times too big. They are taking 5 to 10 per cent risk, on a trade they should be taking 1 to 2 per cent risk on.” — Bruce Kovner
Rookies may take excessive risks in pursuit of high profits. This always fails. Start small and set modest targets until you gain sufficient experience. Overconfidence or recklessness must be avoided.
4. “Do more of what works and less of what doesn’t.” — Steve Clark
Traders should review their own performance to see it. There is no universal strategy. If something holds you back from making better profits, get rid of it!
5. “There is no single market secret to discover, no single correct way to trade the markets. Those seeking the one true answer to the markets haven’t even gotten as far as asking the right question, let alone getting the right answer.” — Jack Schwagger
There is no magic key, no universal recipe for success in currency trading. Do not seek shortcuts. Never stop improving your knowledge and skills. Learning is a perpetual process.
6. “In trading/investing, it’s not about how much you make but rather how much you don’t lose.” — Bernard Baruch
Profits and risks go hand in hand. Risk management must be incorporated into your trading strategy. Assess the risk-reward ratio before placing a trade. In the long run, this is more important than profit alone.
7. “Do not anticipate and move without market confirmation — being a little late in your trade is your insurance that you are right or wrong.” — Jesse Livermore
Traders who use technical analysis should never rely on a single indicator. They need at least two to find confluence. For example, a conclusion drawn from volume may be confirmed by price action. What you think is a new direction may not develop into a trade.
Impatience is dangerous. Do not open trades just because you feel the urge for constant action. It is impossible to make a profit daily. If the market conditions are hostile, wait.
8. “We want to perceive ourselves as winners, but successful traders are always focusing on their losses.” — Peter Borish
Protecting what you have is more important than making more money. Star traders know it. In pursuit of higher profits, you may lose your deposit, so everything you have achieved disappears.
9. “I don’t think you can get to be an excellent investor over a broad range without doing a massive amount of reading. I don’t think any one book will do it for you.” — Charlie Munger
In Forex, learning is perpetual. Even experts continue enhancing their skills and knowledge. You ought to know all the essential Forex terms before risking your capital. This market is changing all the time, and you need an agile mind to navigate it.
10. “It’s not what we do once in a while that shapes our lives. It’s what we do consistently.” — Tony Robbins
Consistency is key. You cannot act randomly, as Forex is not gambling. It is a special field where effective decisions are based on experience, analysis, and foresight. Focus on making profits consistent before trading large volumes.
11. “Bulls make money, bears make money, pigs get slaughtered.” — Unknown
Both rises and falls can bring profit if you anticipate them. Greed is counterproductive. It can ruin any strategy.
12. “The fundamental law of investing is the uncertainty of the future.” — Peter Bernstein
It is impossible to make accurate predictions all the time. The market may always move against you. Even the best research cannot protect you against unexpected reversals.
13. “You have to identify your weaknesses and work to change. Keep a trading diary — write down your reasons for entering and exiting every trade. Look for repetitive patterns of success and failure.” — Alexander Elder
This is one of the most valuable Forex quotes. Every trader should review their own performance periodically. A trading journal is a great tool, as it allows you to see what works and what doesn’t. Note down all important details of each trade. This way, self-reflection will be easier.
14. “Sheer will and determination is no substitute for something that actually works.” — Jason Klatt
A motivated trader will fail unless their work is structured. You need the willpower to succeed, but it is not enough. Nothing replaces knowledge.
15. “Markets are constantly in a state of uncertainty and flux, and money is made by discounting the obvious and betting on the unexpected.” — George Soros
Not everything is calculable. A trader should make informed decisions. Still, you may always expect the unexpected.
16. “In trading, the impossible happens about twice a year.” — Henri M Simoes
You cannot predict market movements with perfect accuracy. At least occasionally, you will see surprising changes that you did not fathom.
17. “The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behaviour.” — Brett Steenbarger
A retail trader has no power over market forces. All they can and should do is build their strategy around the current conditions. The opposite is impossible.
18. “Never invest in any idea you can’t illustrate with a crayon.” — Peter Lynch
Sometimes, simplicity is better than any sophisticated methods. When you rely on basic ideas, there are fewer elements that may malfunction.
19. “I get real, real concerned when I see trading strategies with too many rules (you should too).” — Larry Connors
Here is another quote that underscores the value of simplicity. Do not overcomplicate trading. Stick to what you know, and choose straightforward systems that are easier to use.
20. “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
Overtrading should be avoided at all costs. Sometimes, you need to take a break and reflect on what you have accomplished. Reward yourself instead of pushing until losses occur.
21. “I learned early that there is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. I’ve never forgotten that.” — Jesse Livermore
This expresses the premise behind the technical analysis. Trends tend to recur, and falls are always followed by rises. Therefore, a previously observed pattern may reappear.
22. “Dangers of watching every tick are twofold: overtrading and increased chances of prematurely liquidating good positions.” — Jack Schwagger
Sometimes, traders overanalyze their charts. If you focus on minute changes, two bad things which cause loss can happen. First, you may trade too much. Secondly, you will close positions prematurely.
23. “Never, ever argue with your trading system” — Michael Covel
Do not try to outsmart the system: you will only lose in the end. The rules of trading are the same for all participants. Some win, others lose. If the results are disappointing, try changing your strategy.
Quotes About Trading Risks
1. “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
Perfectionism is the worst approach to Forex. It is impossible to have only successful trades. The key is to win more often than you lose. Sooner or later, you will have losing streaks, but these should not be dispiriting. Instead, use them as learning opportunities: see what caused the mistakes, and how to prevent them in the future.
2. “In investing, what is comfortable is rarely profitable.” — Robert Arnott
Trading Forex is risky like any other form of investment. High profits are unattainable without high risks. Therefore, traders who want to win big have to exit their comfort zones at least occasionally.
3. “Throughout my financial career, I have continually witnessed examples of other people that I have known being ruined by a failure to respect risk. If you don’t take a hard look at risk, it will take you.” — Larry Hite
Risk management is crucial for success. Traders who overlook it see their investment vanish. The foreign exchange is a risky market, so limiting what you can lose is important.
4. “It’s not whether you’re right or wrong that’s important, it’s how much money you make when you’re right and how much you lose when you’re wrong.” — George Soros
Always have the risk-reward ratio in mind. Each decision must be analysed from both angles. Limit potential losses, so you know the scope of potential damage. Be particularly cautious when using leverage.
5. “Losses are necessary, as long as they are associated with a technique to help you learn from them” — David Sikhosana
Losses are unavoidable. A wise trader perceives them as learning opportunities. By analysing your mistakes, you decrease the probability of their recurrence.
Using Trading Quotes
These Forex quotes highlight all key prerequisites to success. If you are serious about starting a finance career, make sure your strategy is consistent and reliable. Avoid rash decisions at all costs. Finally, always measure your risks, and keep them under control. Success in Forex requires willpower, resilience, and continuous learning.