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On one hand, I kind of feel like I have unlimited options right now, and obviously that's not technically true, but when you're at this place where you're just kind of dreaming up stuff, your imagination is your limit. That's where I'm at, which is great, but ultimately I think you have to make these decisions to close off some options to yourself. I think things only get done when you say, "This is the one thing I'm doing," and you kind of kill the other ones in the meantime. So I haven't done that yet, I've got to figure that out.

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Richard Dennis

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.

Crowds, Mad, Majority, Money, Wisdom, Wrong
Same Author Quotes

I always say you could publish rules in a newspaper and no one would follow them. The key is consistency and discipline.

Consistency, Discipline, Follow, Keys, Newspaper, Say

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.

Consistency, Discipline, Follow, Keys, People, Publish

The market being in a trend is the main thing that eventually gets us in a trade. That is a pretty simple idea. Being consistent and making sure you do that all the time is probably more important than the particular characteristics you use to define the trend. Whatever method you use to enter trades, the most critical thing is that if there is a major trend, your approach should assure that you get in that trend.

Approach, Ideas, Important, Making, Pretty, Simple

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.

Catch, Double, Loss, Next, Trade, Trying

You have to minimize your losses and try to preserve capital for those very few instances where you can make a lot in a very short period of time. What you can't afford to do is throw away your capital on suboptimal trades.

Loss, Periods, Short, Suboptimal, Throw, Trying
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