1. "Failure is not predictive. Even great traders often encounter failure – and even repeated failures – early in their careers."
2. "Novice #traders should start with small amounts of cash because they might as well pay less for their market education."
3. "Persistence is instrumental to success. Most ppl faced with the early failures of some of the Market Wizards would have given up."
4. "Were it not for their relentless persistence, many of the Market Wizards would never have discovered their ultimate potential."
5."The idea that #trading success is tied to finding some specific ideal approach is misguided.There is no single correct methodology"
6. "Generals always fight the last war; portfolio managers invest in the last bull market." [Rogers]
7. "There is no single true path in the markets; no single market secret to discover; no single correct way to trade."
8. "Those seeking one true answer to the mkts haven't even gotten as far as asking right question let alone getting the right answer."
9. "There are a million ways to make money in the markets. Unfortunately they are all very difficult to find."
10."Market success is a matter of finding the methodology that is right for you, not finding the one true methodology."
11. "Successful #traders find a methodology that fits their personality."
12. "By living the philosophy that my #winners are always in front of me, it was not so painful to take a loss." [Schwartz]
13. "If I try to teach you what I do, you will fail because you are not me." [O'Shea]
14. "If you don’t have an edge then the optimal money mgmt strategy is to bet it all at once–the epitome of bad money mgmt."
15. "Money mgmt cannot save you if you do not have an edge. It is helpful in preserving capital only if you do have an edge."
16. "So what exactly is your methodology? If you cannot answer that question, you are not ready to be risking money in the markets."
17. "Successful #traders are confident that their methodology provides an edge."
18. "To make money you need to have an edge and employ good money management."
19. "Good money management alone is not going to increase your edge at all."
20. "If you have an approach that makes money then money mgmt can make the difference between success and failure."
21."I always want to be better prepared than someone I am competing against. I prepare myself by doing my homework each night."
22. "I was amazed to find that so many of the great traders I interviewed were workaholics."
23. "Why are so many people attracted to trading? Because it seems like an easy way to make a lot of money. "
24. "Trading is probably the world's only profession in which a rank amateur has a 50-50 chance of being right in the beginning."
25. "The possibility of short-term trading success by pure luck beguiles people into thinking trading is a lot easier than it is."
26. "It is a quirk of trading that you could be successful for the short-term without knowing anything; that possibility fools people"
28. "If trading is going well, it will seem effortless. if trading is not going well, you can't force it right by working harder."
29. "If you are out of sync with the markets, trying harder is often likely to make matters even worse."
30. "You have to learn to let the arrow shoot itself"
"In trading, just as in archery, whenever there is effort, force, straining, struggling, were trying, it is wrong."
32. "Keep reducing risk during equity drawdowns so that you will have a gentle financial and emotional touchdown." [Seykota]
33. "After a devastating loss, I always play very small and try to get black ink, black ink… And it works." [Schwartz]
34. "I will keep on reducing my trading size as long as I'm losing." [McKay]
35. "In the end, losing begets losing. When you start losing, it touches off negative elements in your psychology" [Marcus] #LBMW
36. "When I have had a bad losing streak, I have been able to say to myself, "you just can’t trade anymore." [Marcus]
37. "When you are getting beat to death, get your head out of the mixer." [Dennis]
38. "If you are in a losing streak, the best solution is not trying harder, but rather the exact opposite: stop trading."
39. "Traders may be aware of a losing streak but slow to realize that a loss has far exceeded acceptable levels."
40. "If the trend in your equity is down, that is a sign to cut back and reevaluate." [Marcus]
41. "My biggest losses have always followed my largest profits." [Schwartz]
42. "Winning streaks lead to complacency and complacency leads to sloppy trading."
43. "If your portfolio is sailing to new highs almost daily and virtually all your trades are working, watch out!"
44. "Don't focus on making money; focus on protecting what you have."
45. "You can do well with a mediocre method and good money mgmt, but go broke with a superior entry method and poor money mgmt."
46. "The amount of attention most beginning traders devote the money management is inversely proportional to its importance."
47. "Know your uncle point." [Schwartz]
one of hardest things in markets and life is to look forward and not begrudge and bewail the mistakes of the past
56. If undecided betwn liquidating losing trade and gritting teeth and riding out remember there is 3rd alternative: partial liquidation