Quote

My experience with novice traders is that they trade three to five times too big. They are taking 5 to 10 percent risks on a trade when they should be taking 1 to 2 percent risks. The emotional burden of trading is substantial on any given day, I could lose millions of dollars. If you personalize these losses, you can’t trade.

Bruce Kovner

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Bruce Kovner
Age: 79
Born: 1945
Born: February 27
Businessman
Businessperson
Financier
Brooklyn
New York
Bruce Stanley Kovner
Five
Loss
Substantial
Times
Emotional
Losses
Bigs
Taking
Trading
Experience
Percent
Risks
Given
Lose
Investing
Personalize
Three
Risk
Burden
Novice
Loses
Dollars
Novices
Millions
Trade
Traders

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In 1983, I set up Caxton Corp. Its been an interesting and happy ride since.
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Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose
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The first rule of trading - there are probably many first rules - is don't get caught in a situation in which you can lose a great deal of money for reasons you don't understand.
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The Heisenberg principle - If something is closely observed, the odds are it is going to be altered in the process. The more a price pattern is observed by speculators the more prone you have false signals the more the market is a product of nonspeculative activity, the greater the significance of technical breakout
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Fundamentalists who say they are not going to pay any attention to the charts are like a doctor who says he's not going to take a patient's temperature.
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If you personalize losses, you can't trade.
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Risk management is the most important thing to be well understood. Undertrade, undertrade, undertrade is my second piece of advice. Whatever you think your position ought to be, cut it at least in half.
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