Marty Schwartz: Champion Trader (Market Wizards)

I hired four people, but nobody lasted. They all became intimidated. I tried to clone myself and it didn’t work. I taught them all my methodologies, but learning the intellectual side is only part of it. You can’t teach them your stomach.

What is the best advice you can give to the ordinary guy trying to become a better trader?

Learn to take losses. The most important thing in making money is not letting your losses get out of hand. Also, don’t increase your position size until you have doubled or tripled your capital. Most people make the mistake of increasing their bets as soon as they increasing their bets as soon as they start making money. That is a quick way to get wiped out.

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