“Always understand the risk/reward of the trade as it now stands, not as it existed when you put the position on. Some people say, "I was only playing with the market's money." That's the most ridiculous thing I ever heard.”
Quote by Bill Lipschutz
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Source: The New Market Wizards: Conversations with America's Top Traders
“Make sure you have an edge. Know what your edge is. And have rigid risk control rules.”
