I try to wait until things set up just right before I take a trade. Then, when I'm ready to take the trade, I slowly count to ten before I pick up the phone. It's better to have the wrong idea and good timing than the right idea and bad timing.

Imbalance or abnormity is never so dangerous as when it is widely perceived or accepted as being normal. The worst thing you can do is not to try.

I believe that only short-term price swings can be predicted with any precision. The accuracy of a prediction drops off dramatically, the more distant the forecast time. I'm a strong believer in chaos theory.

Writing down your trades is the best exercise in the world.

Perhaps my number one rule is: Don't try to make a profit on a bad trade, just try to find the best place to get out.

The good traders are the ones who can hold their ground the majority of the month and participate in that small handful of trades that are windfalls. The real skill is in not LOSING money!

If you ever find yourself tempted to seek out someone else's opinion on a trade, that's usually a sure sign that you should get out of your position.