We all need a bit of trading inspiration from time to time, and what better way to get it than by reflecting on the wisdom of some of the greatest traders of all time?
Over the years, I’ve read countless trading books and biographies of famous traders, and many of their insights have stuck with me. Some quotes have become daily mantras that I repeat as I study the charts, guiding my mindset and approach.
Before each quote below, I’ve included a brief paragraph explaining what I personally take from it and how I apply it to my own trading strategy. These are 13 of my all-time favorite trading quotes, and I believe that if you embrace them, they can genuinely transform your trading career:
1. Ed Seykota on fundamentals:
Ed Seykota, featured in Jack Schwager’s Market Wizards, has many profound insights, but one quote about fundamental analysis has always stood out to me. I feel the same way about fundamentals: the market often discounts news before it reaches the public, and price action already reflects these expectations. Spending time researching economic reports can sometimes hurt more than help.
“Fundamentals that you read about are typically useless as the market has already discounted the price, and I call them ‘funny-mentals’. I am primarily a trend trader with touches of hunches based on about twenty years of experience. In order of importance to me are: (1) the long-term trend, (2) the current chart pattern, and (3) picking a good spot to buy or sell. Way down in a very distant fourth place are my fundamental ideas, and quite likely, on balance, they have cost me money.” – Ed Seykota
2. Richard Dennis on counter-trend trading:
Richard Dennis, co-founder of the Turtle Trader experiment, made his fortune by trend-following. Fighting strong trends rarely works, even for seasoned traders. I always prioritize trading with the trend before anything else.
“I’ve certainly done it – that is, made counter-trend initiations. However, as a rule of thumb, I don’t think you should do it.” – Richard Dennis
3. Stanley Druckenmiller on risk/reward:
Working with George Soros, Druckenmiller learned the importance of letting winners outweigh losers. This mindset underpins my focus on risk/reward ratios of 1:2 or higher.
“I’ve learned many things from him [George Soros], but perhaps the most significant is that it’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.” – Stanley Druckenmiller
4. Jim Rogers on patience:
Rogers advocates a sniper-like approach to trading—wait for the obvious opportunities and avoid impulsive trades. Patience is key.
“I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime. Even people who lose money in the market say, ‘I just lost my money, now I have to do something to make it back.’ No, you don’t. You should sit there until you find something.” – Jim Rogers
5. Jesse Livermore on staying out of the market:
Being out of the market is also a position. Waiting for the right setup is often better than constantly chasing trades.
“Play the market only when all factors are in your favor. No person can play the market all the time and win. There are times when you should be completely out of the market, for emotional as well as economic reasons.” – Jesse Livermore
6. Warren Buffett on discipline:
One careless trade can erase years of disciplined work. Always protect your capital and stay disciplined.
“It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you’ll do things differently.” – Warren Buffett
7. Paul Tudor Jones on capital preservation:
Preserving capital is more important than chasing profits. Focus on avoiding losses first.
“I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have.” – Paul Tudor Jones
8. George Soros on contrarian thinking:
The professional trader profits by betting against the obvious, embracing uncertainty, and seeking the unexpected.
“Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.” – George Soros
9. Marty Schwartz on taking losses properly:
Learning to handle losses is essential. Control the size of your losses, or they will control you.
“Learn to take losses. The most important thing in making money is not letting your losses get out of hand.” – Marty Schwartz
10. Bruce Kovner on stop-losses and position sizing:
Stop placement and position size are closely linked. Proper risk management starts with knowing where you’ll exit before entering a trade.
“Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. I know where I’m getting out before I get in. The position size on a trade is determined by the stop, and the stop is determined on a technical basis.” – Bruce Kovner
11. Paul Tudor Jones on avoiding overconfidence:
Never let past wins inflate your ego. Trading is a constant exercise in humility and self-questioning.
“Don’t be a hero. Don’t have an ego. Always question yourself and your ability. Don’t ever feel that you are very good. The second you do, you are dead. My biggest hits have always come after I have had a great period and I started to think that I knew something.” – Paul Tudor Jones
12. Marty Schwartz on avoiding over-trading:
Take breaks to reset your mind. The market isn’t going anywhere, and FOMO is a trader’s biggest enemy.
“I have learned through the years that after a good run of profits in the markets, it’s very important to take a few days off as a reward. The natural tendency is to keep pushing until the streak ends. But experience has taught me that a rest in the middle of the streak can often extend it.” – Marty Schwartz
13. Jesse Livermore on market repetition:
Markets repeat because human behavior is predictable. Learning to read price action is learning to read people.
“I learned early that there is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. I’ve never forgotten that.” – Jesse Livermore
Conclusion:
Even the best traders relied on lessons from those who came before them. By learning from their wisdom, we can avoid costly mistakes, refine our discipline, and improve our trading. Let go of your ego, embrace patience, and never stop learning—trading is a lifelong journey of growth and self-improvement.
If you want, I can also condense this into a punchy “13 Quotes That Will Transform Your Trading” list that’s more blog-friendly, with short actionable takeaways for each quote. It would be perfect for quick reading and social sharing. Do you want me to do that?
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