Learn how the best investors trade.

“Pain plus reflection equals progress.”

“Having an edge and surviving are two different things. To succeed you must first survive.”

“Risk comes from not knowing what you're doing.”

“It's not whether you're right or wrong that matters, but how much you make when right and how much you lose when wrong.”

“The most important rule of trading is to play great defense, not great offense.”

“Choosing individual stocks without any idea of what you're looking for is like running through a dynamite factory with a burning match.”

“Markets tend to overdiscount the uncertainty related to identified risks. Conversely, markets tend to underdiscount risks that have not yet been expressly identified.”

“I hate losing money more than anything. Losing money is what kills you.”

“Big market price changes happen when lots of people are forced to reevaluate their prejudices, not necessarily when the world actually changes.”

“I discovered that it was much better to use multiple models than a single best model.”

“The reality is that I'm not being paid to be right; I am being paid to make money.”

“If you wake up thinking about a position, it's too big.”

“You always have to manage money for yourself, not your clients. Once you start adjusting your trading to fit what your investors want, you are in trouble.”

“Just because you made money doesn't mean you were right, and just because you lost money doesn't mean you were wrong. It is all a matter of probabilities.”