I think the best traders are extremely humble. They know that they don't know everything, and they are very aware of the limits of their own knowledge.

tradingMarket Wizards by Jack Schwager, 1989

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.

risk-managementMarket Wizards by Jack Schwager, 1989

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.

risk-managementMarket Wizards by Jack Schwager, 1989

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.

investingMarket Wizards by Jack Schwager, 1989

Fundamentally, I think the market is wiser than I am and I try to find out what the market is telling me, not impose my views on the market.

marketsMarket Wizards by Jack Schwager, 1989

Every trader has strengths and weakness. Some are good holders of winners, but may hold their losers a little too long. Others may cut their winners a little short, but are quick to take their losses. As long as you stick to your own style, you get the good and bad in your own approach.

tradingMarket Wizards by Jack Schwager, 1989