Sometimes Failure Is Merely Chasing

Don’t Ever Average Losers. Decrease Your Trading Volume When You Are Trading Poorly; Increase Your Volume When You Are Trading Well. Never Trade In Situations Where You Don’t Have Control. For Example, I Don’t Risk Significant Amounts Of Money In Front Of Key Reports, Since That Is Gambling, Not Trading.

I Always Believe That Prices Move First And Fundamentals Come Second

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.

And Then At The End Of The Day, The Most Important Thing Is How Good Are You At Risk Control. Ninety-percent Of Any Great Trader Is Going To Be The Risk Control.

I Believe That Great Success Is Possible In Any Field — From Music To Mathematics To Macro Trading.