When things aren't going right, don't push, don't press.

Trading decisions should be made as unemotionally as possible.

When things aren't going right, don't push, don't press.

Trade small because thats when you are as bad as you are ever going to be. Learn from your mistakes.

Trading has taught me not to take the conventional wisdom for granted. What money I made in trading is testimony to the fact that the majority is wrong a lot of the time. The vast majority is wrong even more of the time. I've learned that markets, which are often just mad crowds, are often irrational; when emotionally overwrought, they're almost always wrong.

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.

I always say that you could publish trading rules in the newspaper and no one would follow them. The key is consistency and discipline. Almost anybody can make up a list of rules that are 80 percent as good as what we taught people. What they couldn’t do is give them the confidence to stick to those rules even when things are going bad.