When you are getting beat to death, get your head out of the mixer.

When things aren’t going right, don’t push, don’t press.

I could trade without knowing the name of the market.

You should always have a worst case point. The only choice should be to get out quicker.

A good trend following system will keep you in the market until there is evidence that the trend has changed.

I learned to avoid trying to catch up or double up to recoup losses. I also learned that a certain amount of loss will affect your judgment, so you have to put some time between that loss and the next trade.

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.

I always say you could publish rules in a newspaper and no one would follow them. The key is consistency and discipline.

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.

Trade small because thats when you are as bad as you are ever going to be. Learn from your mistakes.