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

lossesrisk-management— Market Wizards, 1989
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The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.

disciplinepsychology— The New Market Wizards, 1992
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What every successful trader has in common is not a methodology but a discipline. They all follow their system without deviation.

disciplinemethodology— Hedge Fund Market Wizards, 2012
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Risk management is the most important thing to be well understood. Undertrade, undertrade, undertrade.

position-sizingrisk-management— Market Wizards — Michael Marcus interview, 1989
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The markets are not random. They just look that way to someone without a real edge.

edgemarkets— Various interviews and writings, 2015