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I have never, ever met a trader who is successful over the long term who doesn't follow stop-losses.
risk— Hedge Fund Market Wizards by Jack Schwager, 2012
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The worst thing you can do is fall in love with a position. The moment you start rationalising why it should come back, you've stopped being a trader.
trading— Hedge Fund Market Wizards by Jack Schwager, 2012
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Running other people's money is a different business from making money. I chose to make money.
investing— Bloomberg interview, 2016
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I can tell within a few minutes of walking the floor whether a trader is trading or hoping. Hoping is dangerous.
psychology— Hedge Fund Market Wizards by Jack Schwager, 2012
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The only way to survive in this business long-term is to have a genuine edge and to know exactly what that edge is.
strategy— Hedge Fund Market Wizards by Jack Schwager, 2012
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I want to be very aggressive in going after returns. I never want to be in a position where I can lose large.
risk— Hedge Fund Market Wizards by Jack Schwager, 2012