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.

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

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

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.

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

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