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.
It was such a leap in my career when 'Truman Show' came along. It's always been a long process for me insofar as recognition goes, but that's OK because you appreciate it when it comes.
Some people obtain fame, others deserve it.
I missed so many opportunities along the way to do what I wanted to do because I didn't have the confidence to tell myself, much less anybody else, 'Yes, this is the business I wanted to be a part of'.
Nothing succeeds like success. Get a little success, and then just get a little more.
I think luck is the sense to recognize an opportunity and the ability to take advantage of it... The man who can smile at his breaks and grab his chances gets on.
I did not want to be the best black man of the year; I wanted to be the best man of the year.
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