Thus far, I have paid great respect and spoke in an idolizing manner about famed trader, Jesse Livermore. If you haven't done so, check out some insightful quotes from my all-time favorite trading book, “Reminisces of a Stock Operator”.
If you want to achieve a certain level of success in the markets; it makes sense to at least, understand how the best view the markets. With that said, I have complied a list of spot-on quotes from Paul Tudor Jones throughout the years.
"Trading is very competitive and you have to be able to handle getting your butt kicked."
"Every day I assume every position I have is wrong."
"Losers average losers."
“You adapt, evolve, compete or die.”
"The concept of paying one-hundred-and-something times earnings for any company for me is just anathema. Having said that, at the end of the day, your job is to buy what goes up and to sell what goes down so really who gives a damn about PE's?"
"Where you want to be is always in control, never wishing, always trading, and always, first and foremost protecting your butt."
"At the end of the day, the most important thing is how good are you at risk control."
"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."
“If I have positions going against me, I get right out; if they are going for me, I keep them Risk control is the most important thing in trading. If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.
“The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.”
“That cotton trade was almost the deal breaker for me. It was at that point that I said, “Mr. Stupid, why risk everything on one trade? Why not make your life a pursuit of happiness rather than pain?”
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