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

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

The Heisenberg principle - If something is closely observed, the odds are it is going to be altered in the process. The more a price pattern is observed by speculators the more prone you have false signals; the more the market is a product of nonspeculative activity, the greater the significance of technical breakout

If you personalize losses, you can't trade.

My experience with novice traders is that they trade three to five times too big. They are taking 5 to 10 percent risks on a trade when they should be taking 1 to 2 percent risks. The emotional burden of trading is substantial; on any given day, I could lose millions of dollars. If you personalize these losses, you can’t trade.

In 1983, I set up Caxton Corp. Its been an interesting and happy ride since.

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