Market Wizards: Interviews with Top Traders

But you said he was a mentor. So what did you learn from him? Risk management. While he was buying into weakness, he wouldn’t just put on a full position and hold it. He would probe the market for a low. He would get out of any trade that had a loss at the end of the week and then try again the next time he thought the timing was right. He kept pro

If I have any message to the world—and it is the reason I agreed to do this interview—it is to convey the importance of participation. Everyone understands that the market is a discounting mechanism. What they don’t realize is that the discounting mechanism is not price; it’s participation. It’s not that the price has gone from 50 to 100, and there

The moral is: Be sure you really want to trade. And don’t confuse wanting to be rich with wanting to trade. Unless you love the endeavor, you are unlikely to succeed.

So what is the appropriate action in those times when everything a trader does seems wrong? Brandt’s response would be: