"The elements of good trading are cutting losses, cutting losses, and cutting losses."

“I think that if people look deeply enough into their trading patterns, they find that, on balance, including all their goals, they are really getting what they want, even though they may not understand it or want to admit it.”

“Systems don't need to be changed. The trick is for a trader to develop a system with which he is compatible.”

“To avoid whipsaw losses, stop trading.”

“I don't think traders can follow rules for very long unless they reflect their own trading style. Eventually, a breaking point is reached and the trader has to quit or change, or find a new set of rules he can follow. This seems to be part of the process of evolution and growth of a trader.”

“The trend is your friend except at the end where it bends.”

“Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.”