After spending many years in trading and after making and profit and loss. I want to tell you this it never was my thinking that made the big money for me. It was always my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. I’ve known many [traders] who were right at exactly the right time, and began buying or selling stocks when prices were at the very level that should show the greatest profit. And their experience invariably matched mine; that is, they made no real money out of it. [Traders] 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 the big money.”
After a wild and lengthy rollercoaster ride as a speculator, Livermore believes he has found the secret to his success. It’s obvious he’s excited by this discovery, which he eagerly shares:
“After spending many years in market 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 was always my sitting. Got that? My sitting tight!
“It is no trick at all to be right on the market,” he adds. “I’ve known many [traders] who were right at exactly the right time, and began buying or selling stocks when prices were at the very level that should show the greatest profit. And their experience invariably matched mine; that is, they made no real money out of it. [Traders] 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 the big money.”
Almost anyone can learn the mechanics of trading. It’s the psychological pitfalls that make trading one of the most challenging activities. No matter your skill level, it’s important to remember and obey the rules of engagement — another word for discipline.
I do not argee. In fact I think this is utter rubbish. Yes, the psychological aspect of trading should not be ignored but the most important thing is the mechanics , strategy, risk management of trading. Get that right and there shouldn't be psychological problems.. The psychological problems only become a problem when traders don't know what they are doing
AdamCantor posted: agreed. use all the free online tools available.
what tools do you recommend? thanks
personally speaking i ind economical news sites to be the most beneficial as they break down technical/fundamental and a bit of everything, but less techy jargin too which helps newbies. Daily Forex, Investopedia and investing.com are my top three but forums like here also really help too, to learn from others etc :)
I totally agree with the above comments. Knowing the markets in which you are trading is vital in terms of historical data, predicting market movements and knowing when to open and close trades is key. demo until consistently profitable on the whole, and have developed key strategies, before committing to a live account.
According to me, Forex trading is not any kind of lottery or gambling, so I seem; traders need to open their demo after completing basic topics on Forex! Actually, when I opened my demo account then I didn’t know how to ride on Mt4 trading platform perfectly, so I faced initial problem with my Mt4 trading platform! So, you can work with your trading platform before starting your trading!
particularly before starting trading , we consider this stock exchange as a casino and try to bring profit very rapidly without learning , but in practical there is no short cut way of earning and success in long time process in here.
In Fx trading, learning is not easy despite of having too many sources including pips school, learning sometimes boning and usually new traders get tempts to start trading without enough knowledge and become fascinated with the way of trading live which may cause laziness and trapped by wishful thinking get rich quickly scheme
i have seen So many new Forex traders try to make money from here without learning. As a result they become loser due to lack of exact trading knowledge. It’s a common thinking. I think by and large lose because they trade with emotions and don’t know how to manage money in Forex.
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