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Warren Buffett isn’t one of the world’s richest men by accident. He is one of the smartest investors around and there is a lot that traders can learn from the Oracle of Omaha.
"When you combine ignorance and leverage, you get some pretty interesting results."
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Forex Takeaway:
Leverage is a great tool when you are ready to use it responsibly. It allows you to increase your profits rapidly. That said, you need to learn how to be consistently profitable before you start adding large amounts of leverage into the mix.
"If past history was all there was to the game, the richest people would be librarians."
Forex Takeaway:
While looking at past data and testing your trading strategy against past data is important, know that studying the past doesn’t mean you will be able to predict the future. In forex trading, the past doesn’t matter as much as we’d like to think, and dwelling on past information can lead a trader to overconfidence and a costly introduction to the current reality.
"Wide diversification is only required when investors do not understand what they are doing."
Forex Takeaway:
When you are trading forex, don’t try to apply your strategy to every currency pair on every chart. Stick to a few pairs, learn how they work and see what affects them. You may branch out as you become comfortable and experienced. A beginner trying to trade multiple indicators across multiple currency pairs is a blown account waiting to happen.
Those are my picks for great quotes that are worth reading before you get down to work. Feel free to drop me a line if you have a great quote that has helped you in your trading.
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Today we are sharing Quotes Forex Traders Should Read Daily
"When you combine ignorance and leverage, you get some pretty interesting results."
SIGN UP FOR DAILY-FREE FOREX SIGNALS
Forex Takeaway:
Leverage is a great tool when you are ready to use it responsibly. It allows you to increase your profits rapidly. That said, you need to learn how to be consistently profitable before you start adding large amounts of leverage into the mix.
"If past history was all there was to the game, the richest people would be librarians."
Forex Takeaway:
While looking at past data and testing your trading strategy against past data is important, know that studying the past doesn’t mean you will be able to predict the future. In forex trading, the past doesn’t matter as much as we’d like to think, and dwelling on past information can lead a trader to overconfidence and a costly introduction to the current reality.
"Wide diversification is only required when investors do not understand what they are doing."
Forex Takeaway:
When you are trading forex, don’t try to apply your strategy to every currency pair on every chart. Stick to a few pairs, learn how they work and see what affects them. You may branch out as you become comfortable and experienced. A beginner trying to trade multiple indicators across multiple currency pairs is a blown account waiting to happen.
Those are my picks for great quotes that are worth reading before you get down to work. Feel free to drop me a line if you have a great quote that has helped you in your trading.
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