I learned to avoid trying to catch up or double up to recoup losses. I also learned that a certain amount of loss will affect your judgment, so you have to put some time between that loss and the next trade.

I could trade without knowing the name of the market.

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

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.

Trading decisions should be made as unemotionally as possible.

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