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Here's the essence of risk management: Risk no more than you can afford to lose, and also risk enough so that a win is meaningful. If there is no such amount, don't play.

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More quotes by Ed Seykota

When a feeling dissolves, it ceases to be your enemy and begins to be one of your allies.

The elements of good trading are cutting losses, cutting losses, and cutting losses.

The markets are the same now as they were five or ten years ago because they keep changing-just like they did then.

The trend is your friend except at the end where it bends.

Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.

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Quote text and notes from Wikiquote: Ed Seykota (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.