Paul Tudor Jones Quotes

Regardless of what we think we know and should happen the reality is that a lot of stock action is random. Therefore, money management is crucial if you want to be successful as a trader. To me, it's the cornerstone of both making a living at trading and building wealth.

You have to be okay with wins and losses. You can't just be looking for the wins and, when the losses happen, you can't buy more and more because you're sure it's going to bounce. We call that revenge trading.

In the world of money and investing, you must learn to control your emotions.

There is no training, classroom or otherwise, that can prepare for trading the last third of a move, whether it's the end of a bull market or the end of a bear market.

I got into online trading. It was alarmingly easy to do. I went through the whole cycle of emotions, from supreme self-confidence to total impotence. I broke even in the end.

Buy when there's blood in the streets, even if the blood is your own.

One of the most helpful things that anybody can learn is to give up trying to catch the last eighth - or the first. These two are the most expensive eighths in the world. They have cost stock traders, in the aggregate, enough millions of dollars to build a concrete highway across the continent.

One of the most helpful things that any body can learn is to give up trying to catch the last eighth - or the first. These two are the most expensive eighths in the world.

After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!

Funny, but after trading for more than 15 years, I still am capable of forgetting a cardinal rule: The paper you own, in the end, will be intertwined with the fate of the 30-year bond.

If you're 22 years old and you can't believe you're even in the position to have a career making music, the first thing you're going to think is: Maintain. Don't lose it. And that's precisely what causes you to lose everything.

It is literally true that millions come easier to a trader after he knows how to trade, than hundreds did in the days of his ignorance.

The reader can test his own psychology by asking himself whether he would consider, in retrospect, the selling at 156 in 1925 and buying back at 109 in 1931 was a satisfactory operation. Some may think that an intelligent investor should have been able to sell out much closer to the high of 381 and to buy back nearer the low of 41. If that is your own view you are probably a speculator at heart and will have trouble keeping to true investment precepts while the market rushes up and down.

I never argue with the tape. To be angry at the market because it unexpectedly or even illogically goes against you is like getting mad at your lungs because you have pneumonia.

To be a successful business owner and investor, you have to be emotionally neutral to winning and losing. Winning and losing are just part of the game.

The markets are always changing, and the successful trader needs to adapt to these changes.

It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon.

Much of our trading comes down to a battle between our patience and our impulses.

Chess teaches you to control the initial excitement you feel when you see something that looks good and it trains you to think objectively when you're in trouble

It takes a man a long time to learn all the lessons of all of his mistakes. They say there are two sides to everything. But there is only one side to the stock market; and it is not the bull side or the bear side, but the right side. It took me longer to get that general principle fixed firmly in my mind than it did most of the more technical phases of the game of stock speculation.

Speculation leads you the wrong way. It allows you to put your emotions first, whereas investment gets emotions out of the picture.

Successful people are successful for one simple reason: they think about failure differently.

I think the worst mistake you can make in stocks is to buy or sell based on current headlines.

I'm not better than the next trader, just quicker at admitting my mistakes and moving on to the next opportunity.

I suppose fear is like a drug. A little bit isn't that bad, but you can get addicted to the consumption and distribution of it.