Quotes from Alexander Elder

Professionals expect prices to fluctuate most of the time, without going anywhere far. They wait until an upside breakout stops reaching new highs or a downside breakout stops making new lows. Then they pounce—fade the breakout (trade against it) and place a protective stop near the latest extreme point. It's a tight stop, and their monetary risk is low, with a big profit potential from prices returning towards the middle of the congestion zone.

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

To be a good trader, you need to trade with your eyes open, recognize real trends and turns, and not waste time or energy on regrets and wishful thinking.

Amateurs look for challenges; professionals look for easy trades. Losers get high from the action; the pros look for the best odds.

The markets are unforgiving, and emotional trading always results in losses.

Many traders ride an emotional roller coaster and miss the essential element of winning: the management of their emotions.