“If a position is too large, the trader will be prone to exit good trades on inconsequential corrections because fear will dominate the decision process.”

– Jack D. Schwager

“The word risk derives from the early Italian risicare, which means ‘to dare’. In this sense, risk is a choice rather than a fate.”

– Peter L. Bernstein

“Traders must find a methodology that fits their own beliefs and talents. A sound methodology that is successful for one trader can be a poor fit and a losing strategy for another trader.”

– Jack D. Schwager

“To be successful in the markets, you have to be willing to change your opinion. Most people are not willing to change their opinion. You have to be humble about your ideas.”

– Joe Vidich

“Many traders mistakenly believe that there is some single solution to defining market behavior. Not only is there no single solution to the markets, but those solutions that do exist are continually changing.”

– Jack D. Schwager

“When we pursue goals in an effortful manner, we build intentionality and free will…It is the interplay between the flow state and intentionality that creates accelerated learning curves: without flow, talents have no place to go; they never evolve into elite skills.”

– Brett Steenbarger

“You have to be assertive and open-minded at the same time. This is true in the markets; this is true in almost everything. You have to learn from your mistakes and keep getting better. And it’s through learning from those mistakes that you learn what reality is and how to deal with it.”

– Ray Dalio

“I wanted to spend my time mastering my discipline and focusing on what was going on with me emotionally that was causing me to make certain choices. That is where the real curiosity was for me. Trading is a great mirror into myself. It doesn’t make any difference how much money I lose or make; I am not going to be sad or happy.”

– Jimmy Balodimas

“Experience is what you got when you didn’t get what you wanted.”

– Howard Marks