50 Best Forex Trading Quotes in 2023 - Forex Recommend (2024)

When forex traders start their trading journey, they may often feel intimidated and unsure. While every forex trader must walk their road alone towards forex trading success, others have already walked the same path, and these successful forex traders often offer some words of wisdom.

1. Robert Arnott

“In investing, what is comfortable is rarely profitable.”

With this quote, Arnott tells traders that they will need to take some risks if they want to make a profit in the forex market. If there are no risks in the trades that traders are carrying out, they cannot realistically expect to succeed as forex traders.

2. Michael Covel

“Never, ever argue with your trading system.”

A trading strategy is an integral part of every successful trader's overall forex trading plan. Arguing with the trading system and trying to justify why traders should not follow the rules they set for themselves will end in disaster.

When traders fail, they should not blame their trading system because they are the ones who chose and developed it. If the trading system does not work, traders must change it.

3. Jack Schwager

“Amateurs think about how much money they can make. Professionals think about how much money they could lose.”

With this quote, Schwager shows the distinct difference between the mindset of some amateur (“wannabe”) traders and true professionals. Those who try to be traders for the wrong reasons will chase profits without a second thought for anything else.

Professional traders are always aware of how much they can lose in the forex market. They ensure that their capital is protected while they earn sustainable profits in the forex market.

4. Jim Rogers

“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.”

This quote relates to the importance of having patience. Patience is often the key to achieving sustainable success. Without patience, traders will find themselves trading setups that are not up to standards, resulting in significant losses.

5. John Neff

“It's not always easy to do what's not popular, but that's where you make your money. Buy stocks that look bad to less careful investors and hang on until their real value is recognized.”

Neff refers to the fact that sometimes traders need to separate themselves from what other investors and traders are doing. When traders take a chance on securities that they consider undervalued, and they hold onto them, the real value of that security may be recognized.

6. Mark Melnick

“99%+ of traders don't care about Ferraris and yachts. They just want to pay their bills, save a little extra money, and sleep well at night. The only way to do that is to bat 70% or more. Anything less, and these goals are nothing more than fantasy.”

Melnick refers to the fact that traders care about trading to help them conquer basic financial needs while allowing them to save money and alleviate some financial stress. Not all forex traders are focused on becoming millionaires when they trade forex. They trade forex to provide them with a little more than the bare basics.

The only way that traders can do this is to put in a significant amount of effort because anything less than average would render it useless to achieve these goals.

7. Sami Abusad

“Are you willing to lose money on a trade? If not, then don't take it. You can only win if you're not afraid to lose. And you can only do that if you truly accept the risks in front of you.”

If traders are too afraid to trade because of the risks involved, they should not enter the trade. There are always inherent risks involved with trading, and traders will only be able to succeed if they can accept the risks that they are faced with, mitigating the loss that they may face.

8. JC Parets

“We don't care about ‘why.' Real traders only have the time and interest to care about ‘what' and ‘when' and ‘if' and ‘then.' ‘Why' is for pretenders.”

Successful traders do not waste time justifying why they trade. Instead, they only focus on what to trade, when they should trade, and other components that directly relate to the art of trading forex.

9. Rod Casilli

“Trading is not for the dabblers, the dreamers, or the desperate. It requires, above all, one steadfast trait of dedication. So if you are going to trade, trade like you mean it”

Casilli's quote relates to the sheer dedication that goes towards forex trading. It is not a game that can be played, and it requires complete commitment from traders who decide to enter the financial markets.

10. Ray Dalio

“In trading, you have to be defensive and aggressive at the same time. If you are not aggressive, you are not going to make money, and if you are not defensive, you are not going to keep the money.”

Dalio refers to the delicate balance involved with making profits in the forex market while protecting capital. Traders must be driven in their pursuit of profits while they simultaneously ensure that they keep their money safe, or they could lose it.

11. George Soros

“I'm only rich because I know when I'm wrong. I basically have survived by recognizing my mistakes.”

Soros' quote touches on a topic that is very sensitive to many traders. Traders often have a problem admitting that they are wrong and learning from their mistakes. Soros implies that when traders admit that they are wrong, recognize their mistakes, and learn from them, they can build towards true success and profitability.

12. Rob Booker

“It was clear to me that other people could trade for a living, and if it was possible for other people to do it, then I could persevere long enough to figure it out.”

Anyone can start trading and make a career of it if they are willing to learn how the markets work, applying what is needed to develop a winning strategy and the right mindset.

Every successful trader had to start as a beginner, and today there is more information available than ever before, which means that many successful traders had to figure out the markets by themselves at some point, which means that there is no excuse for beginners today to become successful.

13. Mark Zuckerberg

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

When traders lose money, it is as much a part of trading as winning is. When traders want to make money when they trade forex, they must take risks. The best that any forex trader can do is to ensure that they have the right risk-reward ratio and effective risk management tools employed.

14. Larry Hite

“Throughout my financial career, I have continually witnessed examples of other people that I have known being ruined by a failure to respect risk. If you don’t take a hard look at risk, it will take you.”

This is one of the best trading quotes that refer to risks in the financial markets. If traders do not understand and respect the risks involved with trading, they are bound to fail as forex traders even when they have the best trading strategy.

15. Jim Cramer

“Hope is [a] bogus emotion that only costs you money.”

According to Cramer, forex traders must never base their trades on hope. Instead, traders must ensure that they make trading decisions that are based on facts derived from analysis.

16. Nicolas Darvas

“I believe in analysis and not forecasting.”

This is a straightforward quote that traders must follow by keeping their trades scientific and in the moment. Traders should keep all types of forecasting to a minimum because forex trading is not a calculated guess but based on fundamental and technical data.

17. Dana Allen

“The purpose of trading is not being right, the purpose is to make money, and I think that's my number-one rule. Don't get hung up on your current positions.”

Traders do not trade in the forex market to try and prove that their speculations are right. The purpose of forex trading is to make money, and traders should not become too focused on their current positions that they lose sight of their overall trading objectives to earn a profit sustainably without losing too much capital.

18. Marty Schwartz

“Learn to take losses. The most important thing in making money is not letting your losses get out of hand.”

Losses are inevitable in trading financial markets, regardless of whether it is forex, stocks, crypto, or any others. Losses should not be seen as the problem. Instead, it is the ignorance of the trader in ensuring that they have effective risk and money management, resulting in their losses getting out of control, that is the problem.

19. Richard Dennis

“Whatever method you use to enter trades, the most critical thing is that if there is a major trend, your approach should assure that you get in that trend.”

When traders have a specific trading strategy, and they see that a major trend forms, they should focus on the approach they take to make sure that they follow that trend and that they do not move against it.

20. Peter Bernstein

“The fundamental law of investing is the uncertainty of the future.”

Traders do not have a definite way of knowing what will happen next in the forex markets, regardless of how thorough the trader's research is. Traders will never be 100% correct in trying to predict the next moves in the market.

21. Alexander Elder

“The goal of a successful trader is to make the best trades. Money is secondary.”

This quote reminds traders to remain focused on ensuring that their trade works before they focus on making money. Money is the reward of a carefully planned and executed strategy, the outcome of a successful trade.

When traders only focus on the reward without paying attention to their method, it will cloud their judgement.

22. John Bogle

“Time is your friend; impulse is your money.”

The purpose of this quote is to teach traders about the importance of patience. Traders are urged to practice patience and to avoid making trading decisions on a whim.

23. Mark Douglas

“Why do you think unsuccessful traders are obsessed with market analysis? They crave the sense of certainty that analysis appears to give them. Although few would admit it, the truth is that the typical trader wants to be right on every single trade. He is desperately trying to create certainty where it just doesn’t exist.”

Market analysis is extremely important when trading forex markets. However, despite how thoroughly it is done, traders can still be wrong. Traders must ensure that they understand the limitations of market analysis because it is not an exact science.

Market analysis is a tool that traders can use to help them direct their trading decisions, but it is not a fail-proof way to predict what the market will do.

24. Benjamin Graham

“In the short run, the market is a voting machine, but in the long run, it is a weighing machine.”

The forex market tends to act like a popularity contest during shorter terms. However, where longer terms are concerned, traders can start seeing the true value behind a specific market instrument.

For this reason, traders must view the market in both the short- and the long term. For some short-term traders, the forex market is a sprint, while long-term traders consider it a marathon where they need to prove sustainability and endurance.

25. Albert Einstein

“Compound interest is the eighth wonder of the world. He who understands it earns it. He who doesn't pay it.”

What this quote tells traders is that when they can grow their investments, that growth will subsequently attract further growth. Traders need to learn to save early on and try to ensure that they put away money towards their savings often.

26. Warren Buffet

“The rich invest in time, the poor invest in money.”

This quote simply means that those who are truly wealthy are the ones who realize that their time on earth is far more precious than money, and therefore they invest their time wisely.

The poor are those who only see the importance of making money, and they end up wasting their time chasing money until they run out of time.

27. Bill Lipschutz

“If most traders would learn to sit on their hands 50% of the time, they would make a lot more money.”

This quote refers to patience and how more traders can make money if they learn to be more patient, especially by not trading often and avoiding overtrading.

28. Bernard Baruch

“In trading/investing, it’s not about how much you make but rather how much you don’t lose.”

Traders must ensure that they always understand their risk-reward ratio for every trade before they open a position. Having effective risk management and protecting capital is more important than earning profits.

29. Bruce Kovner

“Novice Traders trade 5 to 10 times too big. They are taking 5 to 10% risk; on a trade, they should be taking 1 to 2% risk on.”

When traders start in the forex market, they should never risk more than between 1% or 2% of their overall trading account on a single trade. For example, if traders have $1,000 in their account, they should not risk more than $10 on a single trade.

30. Steve Clark

“Do more of what works and less of what doesn’t.”

When traders have a trading strategy that works, they need to focus on keeping it updated and current. If the trading strategy does not work, traders need to cut their losses and review their strategy. In addition, traders must have a trading journal where they can record their trading activities to determine what works and what does not.

31. Andreas Clenow

“Beware of trading quotes.”

Successful forex trading does not solely depend on gaining motivation or inspiration from the quotes of successful traders. Traders must have a plan of action that they must follow. One forex trader will not experience success in forex trading the same way that another will. Therefore, traders must have realistic expectations when they go into forex trading.

32. Jaymin Shah

“You never know what kind of setup market will present to you; your objective should be to find an opportunity where risk-reward ratio is best.”

The market conditions are never the same, and the fact that the market changes is the only predictable characteristic of it. Every time that a trader enters the forex market, they need to evaluate the market conditions, seeking the ideal risk-reward ratios and opportunities that surround it.

33. Van K. Tharp

“A peak performance trader is totally committed to being the best and doing whatever it takes to be the best. He feels totally responsible for whatever happens and thus can learn from his mistakes. These people typically have a working business plan for trading because they treat trading as a business.”

If a forex trader is determined to succeed in trading, they must treat forex trading as they would a full-time business instead of a part-time hobby or activity. Learning how to become a successful, profitable trader that makes consistent profits can be extremely difficult, and not all traders will make it.

34. Shelby M.C. Davis

“Invest for the long haul. Don't get too greedy, and don't get too scared.”

Traders should not get into forex trading focussed on short-term wins but long-term gains. Traders should not get greedy when they have winning streaks and when they experience loss, they should not let this overwhelm or discourage them.

Therefore traders need a solid trading plan and tested trading strategies to help them remain focused in all types of market conditions.

35. David Sikhosana

“Losses are necessary, as long as they are associated with a technique to help you learn from them.”

Losses are a part of the process when traders are active in the forex market. However, losses are only negative when traders do not learn from them. When traders learn from the losses that they experience, they will not repeat them.

36. Yvan Byeajee

“Trading doesn't just reveal your character. It also builds it if you stay in the game long enough.”

The process involved with becoming a successful trader is an extremely long journey. Forex trading will inevitably reveal what kind of traders individuals are, especially those who are committed to becoming sustainably profitable.

When traders want to become successful, they will need to make the necessary changes to do so.

37. Randy McKay

“I’ll keep reducing my trading size as long as I’m losing… My money management techniques are extremely conservative. I never risk anything approaching the total amount of money in my account, let alone my total funds.”

When traders have a tested trading strategy, they can effectively reduce their losses while they increase their chances of making profits. When traders start noticing their trading losses increase, they should reduce the amount that they trade with every loss.

38. Benjamin Franklin

“An investment in knowledge pays the best interest.”

One of the first things any trader must do before they take to the forex market is to learn all that they can about it and to continue learning. The more a trader knows about what they are trading, the more likely they become to make more informed trades that offer the best results.

39. Paul Samuelson

“Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.”

There are distinct differences between forex trading and gambling. Forex trading may provide traders with an adrenaline rush, but it is not about having fun. Trading should never be seen as a game or a hobby because the point is to work out the precise time to make a move.

Sometimes this means staring at a terminal for a very long time, waiting for just the right moment to enter or exit the markets. Luckily, several automated trading programs can help traders with this. However, long-term success cannot be built on reliance on software.

40. Paul Tudor Jones

“Every day, I assume every position I have is wrong.”

While this quote may come off as extremely pessimistic, it revolves around the fact that traders should never be overconfident in believing that they are correct in predicting the direction of the market.

Traders must ensure that they have a solid trading strategy and prepare themselves regardless of how well they have tested their strategy.

The forex market is unpredictable and can turn against traders at any given point; therefore, traders are safer assuming they are wrong and being proven right than the other way around, exposing them to risk.

41. Henry Ford

“A handful of men have become very rich by paying attention to details that most others ignored.”

Traders who pay attention to the finer details that others may ignore can catch lucrative trading opportunities. Sometimes, experienced traders are ignorant, and they go for the obvious moves in the market, while opportunistic traders who pay attention to smaller movements can often get the best trading opportunities.

42. Oprah Winfrey

“Luck is preparation meeting opportunity.”

Consistently profitable traders often seem like they are “lucky,” but this is not the case. Traders who have learnt to become consistently profitable are not lucky. They have learned how they can prepare for opportunities in the market.

In addition, these traders employ the necessary tools to increase their profits without risking their capital.

43. Charles Darwin

“It is not the strongest or the most intelligent who will survive but those who can best manage change.”

There are three constants in the forex market, namely uncertainty, risk, and change. Profitable traders are those who have learned how to become adaptable to different market conditions.

These traders are prepared for any given market conditions, and even when they are surprised, they have the skill and experience to deal with it effectively.

44. Babe Ruth

“Yesterday’s home runs don’t win today’s games.”

The forex market is constantly changing every day and even throughout a single trading day. The wins that a trader experienced in a previous trading session will not always repeat themselves.

Traders must consider every trading day as a new opportunity, and they need to ensure that their trades are adapted to new market conditions.

45. Sun Tzu

“Every battle is won or lost before it’s ever fought.”

Every time a trader enters a position, it is akin to a battle, and every battle requires adequate preparation. Uncertainty is a constant in the forex market, and this forces traders to learn to identify the possible scenarios, allowing them to prepare enough contingencies for each.

When traders can prepare for the market conditions that they may face, they subsequently increase their chances of losing their positions without a loss.

46. Ed Seykota

“The elements of good trading are (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.”

What Seykota implies with this quote is that not all trades will be successful. When traders learn to accept their losses and learn from them, allowing them to minimize their losses, they have the chance of becoming successful traders.

47. Peter Borish

“We want to perceive ourselves as winners, but successful traders are always focusing on their losses.”

Successful traders do not only concentrate on making profits. Instead, they focus on protecting the investment that they have. This is because preventing loss is more important than making a profit in the long term.

48. Tony Robbins

“It’s not what we do once in a while that shapes our lives. It’s what we do consistently.”

For traders to become successful, they must focus on consistency in their trading.

49. Charlie Munger

“The big money is not in the buying or the selling, but in the waiting.”

Making profits does not depend on how and when traders buy or sell but on waiting patiently for the right moment to either buy or sell.

50. John Maynard Keynes

“The market can stay irrational longer than you can stay solvent.”

Traders can learn two things from this quote, namely, the fact that the financial markets are always unreasonable, and traders should not try to justify their position internally.

When traders believe that the market is “supposed to” fall when negative data is released, it may rally and increase instead. Traders who have been in the forex market for very long will recognize such instances and prepare accordingly for both scenarios.

In addition, traders should not convince themselves that their position is “right.” Traders should use the current market conditions and decide whether their position is justified according to that.

Who is the best forex trader to whom these forex quotes belong?

Several prominent forex traders made some of these quotes, inspiring other traders throughout their trading journey. Among these forex traders, Warren Buffet is one of the most prominent investors today, while others like George Soros, Paul Tudor Jones, Alexander Elder, Nicolas Darvas, and many others.

Where did these forex trading quotes come from?

These forex quotes come from different traders, investors, and prominent figures in the world. These quotes originate from books authored by prominent forex traders, investment websites, and inspirational pages that work to encourage beginner, intermediate, and even professional traders.

Not all these quotes are directly linked to forex trading or investing. However, there are a few non-forex trading quotes that can be directly applied to forex trading and the process involved with becoming a successful forex trader.