Amateurs go broke taking large losses. Professionals make their fortune by taking small ones.

lossesrisk-managementMarket Wizards, 1989

The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.

disciplinepsychologyThe New Market Wizards, 1992

What every successful trader has in common is not a methodology but a discipline. They all follow their system without deviation.

disciplinemethodologyHedge Fund Market Wizards, 2012

Risk management is the most important thing to be well understood. Undertrade, undertrade, undertrade.

position-sizingrisk-managementMarket Wizards — Michael Marcus interview, 1989

The markets are not random. They just look that way to someone without a real edge.

edgemarketsVarious interviews and writings, 2015