The ability to change one's mind is probably a key characteristic of the successful investor. Dogmatic and rigid personalities rarely, if ever, succeed in the markets. The markets are a dynamic process, and sustained investment success requires the ability to modify and even change strategies as markets evolve.

Being wrong is acceptable, but staying wrong is totally unacceptable.

Michael Jordan didn’t become a great basketball player because he wanted to do product endorsements. Van Gogh didn’t become a great painter because he dreamed that one day his paintings would sell for $50 million.

You don't have to get in or out of a position all at once. Avoid the temptation of wanting to be completely right.

If you don’t stay with your winners, you are not going to be able to pay for the losers.

Traders focus almost entirely on where to enter a trade. In reality, the entry size is often more important than the entry price

The ability to change one's mind is probably a key characteristic of the successful investor. Dogmatic and rigid personalities rarely, if ever, succeed in the markets. The markets are a dynamic process, and sustained investment success requires the ability to modify and even change strategies as markets evolve.