Market Wizards: Interviews with Top Traders

by Jack D. Schwager

If you become unsure about a position, and you don’t know what to do, just get out.

hold on to your winners and cut your losers.

When the news is wonderful and a market can’t go up, then you want to be sure to be short.

“I place my stop at a point that is too far away or too difficult to reach easily.”

willingness to make (and accept) mistakes as significant traits of the winning trader.