Great Trading Quotes to Ponder

From Some of the Most Successful Traders of our Time

Risk and Discipline

Brief one today…

Here are 6 impactful quotes from a variety of traders interviewed in the excellent Market Wizards series by Jack Schwager.

In no particular order…

#1 Ed Seykota

“The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.”

#2 Richard Dennis

“You have to have a methodology and be able to implement it. The real key is emotional discipline.”

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#3 Bruce Kovner

“Risk management is the most important thing to be well understood. Undertrade, undertrade, undertrade is my second piece of advice. Whatever you think your position ought to be, cut it at least in half.”

#4 Monroe Trout

“Being a successful trader also takes courage: the courage to try, the courage to fail, the courage to succeed, and the courage to keep on going when the going gets tough.”

#5 Bruce Kovner (again)

“If you personalize losses, you can’t trade.”

#6 Larry Hite

“I have two basic rules about winning in trading as well as in life: (1) If you don’t bet, you can’t win. (2) If you lose all your chips, you can’t bet.”

See the theme here…?

It’s no coincidence that when you ask the most successful traders who ever lived to give one piece of advice, it’s nearly always about risk and discipline…