The goal of a successful trader is to make the best trades. Money is secondary.
Interpretation
Successful trading is about making wise decisions, while money is a byproduct of those decisions.
This quote highlights the principle that in trading, the focus should be on executing well-considered trades rather than fixating on the immediate financial gains. By prioritizing skillful trading strategies, success naturally follows, as profits are a result of consistent good decision-making rather than the main objective.
In practice
In a financial seminar discussing investment strategies, one might say, 'As Alexander Elder once noted, the goal of a successful trader is to make the best trades; money is secondary.'
Every winner needs to master three essential components of trading; a sound individual psychology, a logical trading system and good money management. These essentials are like three legs of a stool β remove one and the stool will fall, together with the person who sits on it.
Beginners focus on analysis, but professionals operate in a three dimensional space. They are aware of trading psychology their own feelings and the mass psychology of the markets.
The market does not know you exist. You can do nothing to influence it. You can only control your behavior.
Traders lose because the game is hard, or out of ignorance, or lack of discipline or because of both.
I can look back now and say, 'Aw, that was a little dumb taking huge bumps onto concrete before a couple of hundred fans,' but if it wasn't for that attitude and that type of work ethic, I never would have gotten to WWE.
If my efforts have led to greater success than usual, this is due, I believe, to the fact that during my wanderings in the field of medicine, I have strayed onto paths where the gold was still lying by the wayside. It takes a little luck to be able to distinguish gold from dross, but that is all.
I have found that people who really want to work at 'Saturday Night Live' and pursue it get pretty close. You have to be funny - but everyone who works there, it was their dream to work there. So it's kind of nice in that way - there's a lot of people who say, 'I just always wanted to do this, and now I'm doing it.'
I would rather earn 1% off a 100 people's efforts than 100% of my own efforts.
The measure of success is not whether you have a tough problem to deal with, but whether it is the same problem you had last year.
Many people erroneously think they have only one chance to succeed, and if they miss that chance, they are doomed to failure. In fact, most people have several opportunities to succeed.
Subscribe for the occasional hand-picked quote. No noise.