“Money is made by sitting, not trading.”
Jesse Livermore
“Out of clutter, find simplicity. From discord, find harmony.
Albert Einstein
[Michael Marcus – another top trader] taught me one other thing that is absolutely critical:
Bruce Kovner
You have to be willing to make mistakes regularly; there is nothing wrong with it.
Michael taught me about making your best judgement, being wrong, making your next best judgement, being wrong, making your third best judgement, and then doubling your money.”
“The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliché, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short.”
Victor Sperandeo
“If I have positions going against me, I get right out; if they are going for me, I keep them… Risk control is the most important thing in trading. If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.”
Paul Tudor Jones
“The elements of good trading are:
Ed Seykota
(1) cutting losses,
(2) cutting losses, and
(3) cutting losses.
If you can follow these three rules, you may have a chance.”
“Letting losses run is the most serious mistake made by most investors.”
William O’Neil
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.”
“I’m always thinking about losing money as opposed to making money.
Paul Tudor Jones
Don’t focus on making money, focus on protecting what you have”