If you personalize losses, you can't trade.

In a bear market, you have to use sharp countertrend rallies to sell.

Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose

Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.

If you don't work very hard, it is extremely unlikely that you will be a good trader.

I caught hold of the great bull market in soybeans in 1977. I had no idea what I was doing, incidentally.

If you personalize losses, you can't trade.