Failure was a key element to my life’s journey.

If trading is like chess, then macro is like three-dimensional chess.

I spend my day trying to make myself as happy and relaxed as I can be. If I have positions going against me, I get right out; if they are going for me, I keep them.

My off-the-cuff remarks at the University of Virginia were with regard to global macro traders, who are on-call 24/7 and of whom there are likely only a few thousand successful practitioners in the world today. Macro trading requires a high degree of skill, focus and repetition. Life events, such as birth, divorce, death of a loved one and other emotional highs and lows are obstacles to success in this specific field of finance.

I'm always thinking about losing money as opposed to making money. Don't focus on making money, focus on protecting what you have

I am more scared now that I was at any point since I began trading, because I recognize how ephemeral success can be in this business. I know that to be successful, I have to be frightened. My biggest hits have always come after I have had a great period and I started to think that I knew something.

Don't be a hero. Don't have an ego. Always question yourself and your ability. Don't ever feel that you are very good. The second you do, you are dead.