Wizard Quotes

1. Learn to take losses.
The most important thing in making money is not letting your losses get out of hand.
- Marty (Martin) Schwartz, The Champion Trader
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2. Risk Management is the most important thing to be well understood.
Under-trade, under-trade, undertrade is my second piece of advice.
- Bruce Kovner
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3. The key is to lose the least amount when you are wrong.
- William J. O’Neil, IBD Founder
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4. You have to minimize your losses and try to preserve capital for those few instances where you can make a lot in a very short period of time.
Those instances are when everything lined up in very good prospect: market, sector,stock all going up together. Then can afford to risk more.
Richard Dennis, Turtle Trading
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5.  The element of good trading are :
Cutting losses, Cutting losses, Cutting losses
If you can follow these 3 rules, you may have a chance
- Ed Seykota
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6. Most successful traders achieve success by Controlling Risk.
Control risk goes against human natural tendencies. Risk control requires tremendous internal control.
- Dr Van K. Tharp, Trading Psychologist