Richard Dennis -- Started as a runner on the exchange floor. Borrowed $1600 from family, bought a seat on the Mid America Exchange , and ran $400 to approach $200 million. Market Wizard.
You should expect the unexpected in this business; expect the extreme. Don’t think in terms of boundaries that limit what the market might do.
Advice: trade small because that’s when you are as bad as you are ever going to be.
You should always have a worst case point. The only choice should be to get out quicker.
I also learned that a certain amount of loss will affect your judgment, so you have to put some time between that loss and the next trade.
You should expect the unexpected in this business; expect the extreme. Don’t think in terms of boundaries that limit what the market might do.
Advice: trade small because that’s when you are as bad as you are ever going to be.
You should always have a worst case point. The only choice should be to get out quicker.
I also learned that a certain amount of loss will affect your judgment, so you have to put some time between that loss and the next trade.