Bill Lipschutz Quotes

 

 Sultan of Currencies in the New Market Wizards and at the time Salomon Brothers largest and most successful forex trader for 8 years. 

 

”Missing an opportunity is as bad as being on the wrong side of a trade. Some people say (after they have the opportunity to realize a profit) ‘I was only playing with the market’s money’. That’s the most ridiculous thing I ever heard.”

”When you’re in a losing streak, your ability to properly assimilate and analyze information starts to become distorted because of the impairment of the confidence factor, which is a by-product of a losing streak. You have to work very hard to restore that confidence, and cutting back trading size helps achieve that goal.”
”I don’t have a problem letting my profits run, which many traders do. You have to be able to let your profits run. I don’t think you can consistently be a winner trading if you’re banking on being right more than 50 percent of the time. You have to figure out how to make money by being right only 20 to 30 percent of the time.”
”Successful traders constantly ask themselves: What am I doing right? What am I doing wrong? How can I do what I am doing better? How can I get more information? Courage is a quality important to excel as a trader. It’s not enough to simply have the insight to see something apart from the rest of the crowd, you also need to have the courage to act on it and stay with it.”
”It’s very difficult to be different from the rest of the crowd the majority of the time, which by definition is what you’re doing if you’re a successful trader.”
”So many people want the positive rewards of being a successful trader without being willing to go through the commitment and pain. And there’s a lot of pain.”
”Avoid the temptation of wanting to be completely right.”