"You do anything long enough to escape the habit of living until the escape becomes the habit."
"My percentage of winners is only about 50/50, because I cut my losers very quickly. The maximum loss I allow is 7%, and usually I am out of a losing stock a lot quicker. I make my money on the few stocks a year that double and triple in price. The profits in those trades easily makes up for all the small losers."
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Source: One Day. Book by David Nicholls, www.abc.net.au. June 11, 2009.
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"The single most important advice I can give anybody is: Learn from your mistakes. That is the only way to become a successful trader."
"Yes - Action is the key! Cuz - when we take action we get a result - it might not always be the result we want but nevertheless it's a result - something we can learn from."
"If it reenters its base, I have a rule to cut at least 50 percent of the position."
"Focus on action! Go on! Do it! Call them! Write it! Say it! Grab it! Who knows what 'awesome stuff' might happen? Yes - Action is the key!"