“Money is made by sitting, not trading.” – Jesse Livermore
“The desire for constant action irrespective of underlying conditions is responsible for many losses in Wall Street even among the professionals, who feel that they must take home some money every day, as though they were working for regular wages.” – Jesse Livermore
“Don’t focus on making money; focus on protecting what you have.” – Paul Tudor Jones
“Letting losses run is the most serious mistake made by most investors.” – William O’Neil
“The elements of good trading are: (1) cutting losses, (2) cutting losses, and (3) cutting losses. If you can follow these three rules, you may have a chance.” – Ed Seykota

“Speculators buy the trend; investors are in for the long haul; “they are a different breed of cats.” One reason that people lose money today is that they have lost sight of this distinction; they profess to have the long term in mind and yet cannot resist following where the hot money has led.”— Reminiscences of a Stock Operator by Edwin Lefèvre)

“Fear and hope remain the same; therefore the study of the psychology of speculators is as valuable as it ever was. Weapons change, but strategy remains strategy, on the New York Stock Exchange as on the battlefield. I think the clearest summing up of the whole thing was expressed by Thomas F. Woodlock when he declared: “The principles of successful stock speculation are based on the supposition that people will continue in the future to make the mistakes that they have made in the past.”—Reminiscences of a Stock Operator by Edwin Lefèvre)

“Big swing its initial impulse, the fact is that its continuance is not the result of manipulation by pools or artifice by financiers, but depends upon basic conditions. And no matter who opposes it, the swing must inevitably run as far and as fast and as long as the impelling forces determine.”—Reminiscences of a Stock Operator by Edwin Lefèvre)

“Another lesson I learned early is that there is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market to-day has happened before and will happen again. I’ve never forgotten that. I suppose I really manage to remember when and how it happened. The fact that I remember that way is my way of capitalizing experience.” —Reminiscences of a Stock Operator by Edwin Lefèvre)

“Good investing is a peculiar balance between the conviction to follow your ideas and the flexibility to recognize when you have made a mistake”—Michael Steinhardt

“A VIX future effectively serves as a means reversion indicator in that it tells us what the market expects as a mean”- Adam Warner: Options Volatility Trading

“Whichever way the market goes on the Thursday before expiration is the opposite of the direction it will move in expiration week–Adam Warner: Options Volatility Trading


“The volatility of a full week taken as a unit unto itself depends on both the volatility of the days comprising the week and the degree to which those days correlate (move in the same direction). If the correlation is greater for days on expiration week than it is for days not on expiration week, then we can in fact see increased volatility for expiration week taken as a whole” Adam Warner: Options Volatility Trading