When you have a position, you put it on for a reason, and you've got to keep it until the reason no longer exists.

You have to minimize your losses and try to preserve capital for those very few instances where you can make a lot in a very short period of time. What you can't afford to do is throw away your capital on suboptimal trades.

A good trend following system will keep you in the market until there is evidence that the trend has changed.

There is another point that I think is as important: You should expect the unexpected in this business; expect the extreme. Don’t think in terms of boundaries that limit what the market might do. If there is any lesson I have learned in the nearly twenty years that I’ve been in this business, it is that the unexpected and the impossible happen every now and then

You should always have a worst case point. The only choice should be to get out quicker.

I always say you could publish rules in a newspaper and no one would follow them. The key is consistency and discipline.

When you are getting beat to death, get your head out of the mixer.