I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have.
First if all, never play macho man in the market. Second, never overtrade. My major problem was not the number of points I lost on the trade, but that I was trading far too many contracts relative to the equity in the accounts that I handled.
And then at the end of the day, the most important thing is how good are you at risk control. Ninety-percent of any great trader is going to be the risk control.
When you get a range expansion, the market is sending you a very loud, clear signal that the market is getting ready to move in the direction of that expansion.
You adapt, evolve, compete or die.
Intellectual capital will always trump financial capital.
You can achieve great economic gains by solving social problems.
If life ever ceased to be an educational experience. I probably wouldn’t get out of bed in the morning.
I believe that great success is possible in any field – from music to mathematics to macro trading.
It is not that we had any unfair knowledge that other people didn’t have, it is just that we did our homework. People just don’t want to believe that anyone can break away from the crowd and rise above mediocrity.
Sometimes failure is merely chasing you off the wrong road and onto the right one.
Don’t be a hero. Don’t have an ego.
You learn more from your losses than from your gains.
There is no training, classroom or otherwise, that can prepare for trading the last third of a move, whether it’s the end of a bull market or the end of a bear market.
The whole world is simply nothing more than a flow chart for capital.
After a while size means nothing. It gets back to whether you’re making 100% rate of return on $10,000 or $100 million dollars. It doesn’t make any difference.
There is no more compassionate and effective way to help poor people in New York City than to give to Robin Hood.
We have ripped the humanity out of our companies. It’s threatening the very underpinnings of our society.
If trading is like chess, then macro is like three-dimensional chess.
Trading gives you an incredibly intense feeling of what life is all about.
There’s such an emphasis on making money that we’ve really taken the humanity out of business.