Paul Tudor Jones is a famous hedge fund manager who was featured in the Market Wizards book.
Jones is famous for predicting the 1987 market crash and his current net worth is estimated at $5.1 billion. Here are 15 awesome quotes from one of the greatest ever traders:
1. Don’t be a hero. Don’t have an ego. Always question yourself and your ability. Don’t ever feel that you are very good. The second you do, you are dead.
2. Ninety-percent of any great trader is going to be the risk control.
3. I always believe that prices move first and fundamentals come second
4. Don’t ever average losers. Decrease your trading volume when you are trading poorly; increase your volume when you are trading well. Never trade in situations where you don’t have control. For example, I don’t risk significant amounts of money in front of key reports, since that is gambling, not trading.
5. I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have.
6. Intellectual capital will always trump financial capital.
7. Every day I assume every position I have is wrong.
8. The most important rule is to play great defense, not great offense.
9. I am more scared now that I was at any point since I began trading, because I recognize how ephemeral success can be in this business. I know that to be successful, I have to be frightened. My biggest hits have always come after I have had a great period and I started to think that I knew something.
10. Sometimes failure is merely chasing you off the wrong road and onto the right one.
11. First of all, never play macho man with the market. Second, never overtrade.
12. I spend my day trying to make myself as happy and relaxed as I can be. If I have positions going against me, I get right out; if they are going for me, I keep them.
13. You cannot have significance in this life if it is all about you. You get your significance, you find your joy in life through service and sacrifice – it’s pure and simple.
14. I believe that great success is possible in any field — from music to mathematics to macro trading.
15. If life ever ceased to be an educational experience. I probably wouldn’t get out of bed in the morning.
