Words of Wisdom 2: more inspiring quotes from wise owls

We’re back with another lot of inspiring quotes and motivational mottos from some of the wisest owls in trading, technology, finance and business. Perfect for mornings when you need a bit more than a cup of coffee to get you going. Read and learn…

(If you missed Part One, you can catch up here).

Screen Shot 2014-11-24 at 10.16.59Michael Bloomberg on knowing you’re good enough:

“Don’t be afraid to assert yourself, have confidence in your abilities and don’t let the bastards get you down.”

As founder and CEO of global financial data and media company Bloomberg LP and the sixteenth-richest person in the world, Bloomberg probably has good reason to be confident in his abilities. And as traders, you should be too – second-guessing yourself will only get you (and your trading plan) in a mess.

Screen Shot 2014-11-24 at 10.28.43Jim Simons on standing out from the crowd: 

“Do something new and don’t run with the pack. This gives you a chance.”

We’ve said it before and we’ve said it again – while it’s important to watch out for trends, keep to your strategy and don’t worry about following the crowd. Make like Renaissance Technologies founder Simons – if he’d done what everybody else was doing, he probably wouldn’t be worth $12.5 billion.

Screen Shot 2014-11-24 at 10.32.01Warren Buffett on not getting stuck in a rut:

“Chains of habit are too light to be felt until they are too heavy to be broken.”

The most successful investor of the 20th century didn’t get where he is today by sticking to a routine day-in, day-out. Take a tip from Buffett and review your daily routine and trading strategies every now and then – what worked a year ago isn’t necessarily the best way of doing things today.

Screen Shot 2014-11-24 at 11.00.50Bill Gates on being lazy:

“I always choose a lazy person to do a difficult job because he will find an easy way to do it.”

Now, we’re not suggesting that laziness is the key to success (far from it) but there’s no sense in making any job harder than it needs to be – whether that’s in trading, business, fitness, or any aspect of life. If finding shortcuts that work got Microsoft mogul Gates where he is today, it’s got to be worth a try.

Screen Shot 2014-11-24 at 12.01.53JK Rowling on setbacks: 

“The knowledge that you have emerged wiser and stronger from setbacks means that you are, ever after, secure in your ability to survive.”

The brains behind the Harry Potter world domination had her fair share of setbacks – her first novel was rejected twelve times before she got a publishing deal. And her advice can apply to trading, too – you will have setbacks, and you will make losses. And you’ll survive. And then you’ll know that you can keep going anyway.

Screen Shot 2014-11-24 at 11.18.55Albert Einstein on beating the competition:

“You have to learn the rules of the game. And then you have to play better than anyone else.”

As far as words of wisdom go, who better to take them from than a genius theoretical physicist? Take it from Einstein: don’t jump in head-first! To succeed in trading, it’s vital to take the time to learn what you’re doing (and practice!)

Screen Shot 2014-11-24 at 11.32.27Ray Dalio on loving your mistakes:

“Do not feel bad about your mistakes or those of others. Love them! Remember that one: they are to be expected; two: they’re the first and most essential part of the learning process; and three: feeling bad about them will prevent you from getting better.”

The Bridgewater Associates founder is big on using your mistakes to make you better, and we think he’s got a point. When you spot a flaw or realise you’ve made a mistake (and this can apply to both trading and life in general) don’t beat yourself up: think about what you can learn from the error, pick yourself up and move on.

Screen Shot 2014-11-24 at 11.39.54Linda Bradford Raschke on learning your craft:

“Like any craft, such as piano playing, perfection may be elusive – but consistency is achievable if you practice day in and day out.”

You’ll have heard us mention (once or twice…) that consistency is key to success as a trader, so it’s no surprise that market wizard Bradford Raschke agrees. You’ll never be able to trade perfectly, but with practice, you will be able to trade consistently – and make a profit.

Screen Shot 2014-11-24 at 12.27.19Mark Zuckerberg on taking risks:

“The biggest risk is not taking any risk… In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking risks.”

The Facebook founder has a point, and you can’t trade (or do much, really) without an element of risk. Just remember everything we’ve told you about managing your risk vs reward. There’s necessary risk, and then there’s being stupid.

Screen Shot 2014-11-24 at 12.59.50And last but not least, Thomas Edison on (not) failing:

“I haven’t failed. I’ve just found 10,000 ways that don’t work.”

We like the way he thinks (and his bow tie).

We can all do with an inspiring quote or two every now and again, so share yours with us @LittlefishFX and @LFXKatie.

And for some Littlefish words of wisdom on all areas of Forex trading, sign up to our new master course. You’ll get access to market-leading indicators and trading plans as well as all the tips and strategies you need to become a trading shark. Find out more here.