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You shouldn't have asked," I said. "Love doesn't ask many questions, because if we stop to think we become fearful. It's an inexplicable fear; it's difficult even to describe it. Maybe it's the fear of being scorned, of not being accepted, or of breaking the spell. It's ridiculous, but that's the way it is. That's why you don't ask-you act. As you've said many times, you have to take risks.

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Bruce Kovner

Risk management is the most important thing to be well understood. Undertrade, undertrade, undertrade is my second piece of advice. Whatever you think your position ought to be, cut it at least in half.

Advice, Cut, Cutting, Management, Thing, Thinking
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Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. I know where I'm getting out before I get in. The position size on a trade is determined by the stop, and the stop is determined on a technical basis. I never think about other people who may be using the same stop, because the market shouldn't go there if I am right

Know, People, Right, Sleep, Thinking

Fundamentalists who say they are not going to pay any attention to the charts are like a doctor who says he’s not going to take a patient’s temperature.

Analysis, Doctors, Hes, Pay, Physicians, Says

Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.

Critical, Doubling, Judgment, Mistake, Next, Taught

The first rule of trading - there are probably many first rules - is don't get caught in a situation in which you can lose a great deal of money for reasons you don't understand.

Caught, Firsts, Lose, Reason, Rule, Trading

If you don't work very hard, it is extremely unlikely that you will be a good trader.

Hard, Traders, Unlikely, Work
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