Stanley Druckenmiller Quotes

My two biggest lessons learned as a trader are take risks and get comfortable with taking losses and setbacks to help move you forward.

When you trade sometimes you lose.

The best traders are not right more than they are wrong. They are quick adjusters. They are better at getting right when they are wrong.

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

If a speculator is correct half of the time, he is hitting a good average. Even being right 3 or 4 times out of 10 should yield a person a fortune if he has the sense to cut his losses quickly on the ventures where he is wrong.

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.

For most people, attaining the intellectual clarity and emotional detachment that investing requires is tough.

The most talented investors are animals solely focused on winning.

The problem with most people who play the market is that they are not flexible.

We're getting hurt, but I'm a long-term investor.

All of us would be better investors if we just made fewer decisions.

Play the game for more than you can afford to lose... only then will you learn the game.

Good investors must learn to contextualize the daily background noise.

The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.

Pay attention to the big themes because that's what will help you earn ten times your money.

In markets, there are times when you are looking for what makes sense. At other times, you are looking for what you can do that is sensible versus constraints and uncertainties.

I'll never play for more than I can afford to lose.

Eliminate emotion from your investment program.

One can't be a successful investor without a healthy dose of confidence. To commit your own and others' hard-earned capital requires conviction, and conviction requires confidence. But as with fine brandy or coffee ice cream, too much of a good thing can be problematic.

Trust me: I know a good investment when I see one.

Part of the game of investing is to come into your own. You must find some way that perfectly fits your personality because there is some element of a zero sum game in investing. If you buy, somebody else has to sell. And when you sell, somebody has to buy. You can't both be right.

Investing is about predicting the future, and the future is inherently unpredictable. Therefore, the only way you can do better is to assess all the facts and truly know what you know and know what you don't know. That's your probability edge.

When the time is right, I'll start making investments and try to flip my money.

I'd say it's that most people think that very wealthy people take huge risks and that's why they have huge rewards. But the very best on earth are completely obsessed with not losing money. That sounds overly simplistic, but they know that if you lost 50 percent, it takes 100 percent to get even. Most people don't make that math in their head, so it takes years and years. They are obsessed with not losing money.

It is foolhardy to make a second trade, if your first trade shows you a loss. Never average losses. Let this thought be written indelibly upon your mind.