![]() ![]() “The key to trading success is emotional discipline. “I always define my risk, and I don’t have to worry about it.” The most important thing in making money is not letting your losses get out of hand.” ![]() “When I became a winner, I said, ‘I figured it out, but if I’m wrong, I’m getting the hell out, because I want to save my money and go on to the next trade.'” I never risk anything approaching the total amount of money in my account, let alone my total funds.” “I’ll keep reducing my trading size as long as I’m losing… My money management techniques are extremely conservative. I just get out, because I believe that once you’re hurt in the market, your decisions are going to be far less objective than they are when you’re doing well… If you stick around when the market is severely against you, sooner or later they are going to carry you out.” It doesn’t matter at all where the market is trading. ![]() “When I get hurt in the market, I get the hell out. If you can follow these three rules, you may have a chance.” “The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. “Don’t focus on making money focus on protecting what you have.” 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.” “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. Stupid, why risk everything on one trade? Why not make your life a pursuit of happiness rather than pain?'” “That cotton trade was almost the deal breaker for me. 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.” “ taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly there is nothing wrong with it. If they go down instead, you have to cut your losses fast… Letting losses run is the most serious mistake made by most investors.” There are no good stocks unless they go up in price. “My philosophy is that all stocks are bad. “Frankly, I don’t see markets I see risks, rewards, and money.” If you don’t take a hard look at risk, it will take you.” “Throughout my financial career, I have continually witnessed examples of other people that I have known being ruined by a failure to respect risk. ![]()
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