Once you’ve identified the highs of the range (which is Resistance), you can use it to time your breakout and catch the next wave higher.
Discipline! - trading
Background on Van K. Tharp: One of the best trading psychologists. He has been helping traders create trading systems, overcome self-limiting beliefs and become the best version of themselves, since 6987.
17 of the Best Trading Quotes of All-Time « Trading Heroes
Comment: We decided to put this as the last quote in our list because of its timeless wisdom. Trading is all about patience, focus, control of emotions and similar skills that can be found in meditation for example. That’s why some traders don’t make it in the market despite their efforts.
Imagine that Michael Jordan would have pursued a financial career and applied for a hedge fund job, instead of playing basketball we would probably never have heard of him. Or can you picture Warren Buffet as a professional race car driver? But even within a specific field, the differences between positions can be huge a world class long distance runner may be a horrible sprinter because of the differences in physical attributes which are needed.
My Favorite Quote
8775 Buy that which is showing strength – sell that which is showing weakness. The public continues to buy when prices have fallen. The professional buys because prices have rallied 8776 .
We’ve found 86 of the best motivational quotes from, or used by, traders. Below each quote, you’ll also find a short comment that tries to explain the quote.
Comment: Building a reputation is hard. It takes one bad decision, one bad trade to ruin everything.
Sometimes you’ll get too many stocks to choose from. So, a filter like this helps you select which stocks to trade.
My favorite quote addresses my biggest fault: 8775 Be patient. Once a trade is put on, allow it time to develop and give it time to create the profits you expect. 8776
With a checklist, it becomes obvious right away if a trade really matches your criteria or not. Again, if you can visually see that the trade that you are about to take is violating your rules and that you should be staying out, you are more likely to avoid mistakes because you have to consciously convince yourself that breaking the rules is a good thing.
Comment: Without analysis, trading would pretty much resemble gambling. You can make a sound trading decision only if you’ve previously analysed the market.