Condensed Wisdom - 23 Quotes from 13 Trading Legends

Updated: Jan 8

“When you sell half, if the stock goes higher you say to yourself, “Thank goodness I kept half.” If the stock goes lower, you’ll say, “Thank goodness I sold half.” Psychologically, it’s a win/win either way.” - Mark Minervini

“Markets are never wrong, but opinions often are.” - Jesse Livermore

"Remember this: When you are doing nothing, those speculators who feel they must trade day in and day out, are laying the foundation for your next venture. You will reap benefits from their mistakes" - Jesse Livermore

“I like to cite Debussy's quote that "Music is the space between the notes," because an analogous statement about trading—Trading is the space between trades—is so strikingly appropriate” - Jack Schwager

"I'm not trying to predict the future; I am trying to accurately and quickly depict the present. I'm not trying to predict what people will do, but rather identify what they're doing right now." - Chris Camillo

"I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell." - Tom Basso

"Limit your size in any position so that fear does not become the prevailing instinct guiding your judgement" - Joe Vidich

"The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge" - Paul Tudor Jones
"First of all, never play macho man with the market. Second, never overtrade" - Paul Tudor Jones
"I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms" - Paul Tudor Jones

"I always say that you could publish trading rules in the newspaper and no one would follow them. The key is consistency and discipline. Almost anybody can make up a list of rules that are 80 percent as good as what we taught people. What they couldn’t do is give them the confidence to stick to those rules even when things are going bad" - Richard Dennis
"You have to minimize your losses and try to preserve capital for those very few instances where you can make a lot in a very short period of time. What you can't afford to do is throw away your capital on suboptimal trades" - Richard Dennis
"When you have a position, you put it on for a reason, and you've got to keep it until the reason no longer exists" - Richard Dennis
"A good trend following system will keep you in the market until there is evidence that the trend has changed" - Richard Dennis
"I could trade without knowing the name of the market" - Richard Dennis

"Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose" - Bruce Kovner
"I caught hold of the great bull market in soybeans in 1977. I had no idea what I was doing, incidentally" - Bruce Kovner

"If you are going to be a great investor, you have to fit the style to who you are" - Michael Burry

"Don't think about what the market's going to do; you have absolutely no control over that. Think about what you're going to do if it gets there" - William Eckhardt
"It's much easier to learn what you should do in trading than to do it. Good systems tend to violate normal human tendencies" - William Eckhardt

"If you can't take a small loss, sooner or later you will take the mother of all losses" - Ed Seykota
"My style is basically trend following, with some special pattern recognition and money management algorithms" - Ed Seykota

"If you diversify, control your risk, and go with the trend, it just has to work" - Larry Hite

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