The key to building wealth is to preserve capital and wait patiently for the right opportunity to make the extraordinary gains.

The key to investment success is emotional discipline. Making money has nothing to do with intelligence. To be a successful investor, you have to be able to admit mistakes. I trained a guy to trade who had a 188 IQ. He was on Jeopardy once and answered every question correctly. That same person never made a dime in trading during 5 years!

The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading.

The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliché, but the single most important reason that people lose money in the financial markets is that they don't cut their losses short.

Investing in the market without knowing what stage it is in is like selling life insurance to 20 year olds and 80 year olds at the same premium.