Star Wars fan or not, I think we can all agree that Yoda has some great lines that apply directly to trading. I spent my weekend rewatching all 3 of the classic Star Wars movies, and jotted down some good trading quotes from our green friend. Master Yoda has some very quotable quotes that while they won’t make you an overnight success, they are great in theory.
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“Do or do not. There is no try.”
Take the trade, or don’t take the trade. Be a trader or don’t. You need to really commit and take the leap, otherwise don’t bother leaping at all, because you won’t reach the other side. There’s no half measures in trading unfortunately. There’s no amateur league to move up the ranks. And there’s definitely not much forgiveness if you do try to tread lightly. With all this in mind, give it your all.
“You will know when you are calm, at peace. Passive.”
How you can identify the good trade entry from the bad, is when you’re analyzing with a clear mind. How you achieve this can vary. Make sure you can focus in whatever environment you are in. Meditate before trading. Wear noise canceling headphones so there will be no distractions. Another way would be to analyze when you don’t have any positions in the markets. Just watch, observe, see what is happening. When you are clear headed, good trades will pop off the screen.
“Focus on the here and now.”
This is a big reason why I scalp. I don’t care about a chart that shows whats happened the last hour, the last day, the last month. What matters most is what is happening right now. Watching the ebb and flow of trades being made, what are buyers and sellers doing and how can I capitalize on that activity here and now.
“Adventure. Excitement. A Jedi craves not these things.”
Nor should a trader crave these things. I’ve fallen victim to this myself many a time, and only with time and a clear focus on changing this behaviour was I able to overcome it. Trading isn’t a casino. It sure feels like it though sometimes (especially trading NQ, my arch nemesis). Bet on red or black, bet up up or down. Same thing. This clearly applies to trading, successful traders aren’t in this business for the adventure or excitement. Successful trading is quite boring really. Watching, waiting for the trades to develop. It’s really the opposite of excitement.
“Do not overlook the obvious.”
Sometimes when we have a strong bias, or we really want to believe something that isn’t there, we tend to miss simple things which the markets are telling us right. Sometimes things will be simple and right in front of us. Capitalize on the obvious trades, they can often times be the best trades.
“That is why you fail.” (not believing)
This was in reply to Luke saying he couldn’t believe. Trading takes belief in many areas, in your methods, your analysis, your setups, in your psychology. If you lack belief in any aspect, you won’t be able to follow the rules especially during a losing streak. It’s one thing to say you believe, but you have to be honest with yourself if you actually believe. To reach success, you must believe.
“Control, control, you must learn control!”
Yoda would be a fantastic day trader. We must focus on the things we can control. In trading with so much uncertainty, we have to focus on what we can control. We can control when to participate in the market, we can control how much money we want to risk on each trade, we can control our responses to the ups and downs in trading. We control when to walk away.
Mastering control in all forms whether it’s specific trading rules or our psychology is most important.
These may or may not relate to trading, but I think they ring true for myself.
- “Always pass on what you have learned.” – this is why I made a site and YouTube channel.
- “Patience you must have my young Padawan.” – one of the holy trinity of trading.
- “Difficult to see. Always in motion is the future.” – he could well be talking about trading.
Who knew when I was a kid watching the Star Wars movies that decades later I’d be drawing on the wisdom of Yoda. The next time you are wrapped up in trading, take a step back and ask yourself “what would Yoda tell me in this situation?”
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