"I did precisely the wrong thing," Livingstone notes. "The cotton showed me a loss and I kept it. The wheat showed me a profit and I sold it out. Of all the speculative blunders there are few greater than trying to average a losing game. Always sell what shows you a loss and keep what shows you a profit." Lefevre - Reminiscences of a Stock Operator.
"The market will decide how much profit to give you. Only you can decide how much to limit your loss." Linda Bradford Raschke
There's a similar ancient roman proverb: Qui desiderat pacem, praeparet bellum. - He who desires peace, should be prepared for war.
And, speaking of ancient proverbs that can be applied to trading, here's one from my old country, circa ~2,500 years ago: Pan metron ariston. -Perfection is found in moderation.
Not to forget the Good Book's view on timing: For everything there is a season, and a time for every matter under heaven... -Eccl 3:1-8
You're only as good as your last trade. Costs associated with trading involves three things: 1. cost of capital 2. cost of risk 3. cost of ignorance All impacting your next trade. Money is not real until you lose it. drob
"It is not enough to simply have the insight to see something apart from the rest of the crowd, you also need to have the courage to act on it and to stay with it. It's very difficult to be different from the rest of the crowd the majority of the time, which by definition is what you are doing if you are a successful trader." Bill Lipschutz
The best, most concise trading quote ever...................................................................... BE SPOCK me