Trying to trade during a losing streak is emotionally devastating. Trying to play 'catch up' is lethal.

Luck plays an enormous role in trading success. Some people were lucky enough to be born smart, while others were even smarter and got born lucky.

The trading rules I live by are: 1. Cut losses. 2. Ride winners. 3. Keep bets small. 4. Follow the rules without question. 5. Know when to break the rules.

Losing a position is aggravating, whereas losing your nerve is devastating.

A losing trader can do little to transform himself into a winning trader. A losing trader is not going to want to transform himself. That's the kind of thing winning traders do.

Psychology motivates the quality of analysis and puts it to use. Psychology is the driver and analysis is the road map.

Everybody gets what they want out of the market.