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Quote by Bruce Kovner

“Fundamentalists who say they are not going to pay any attention to the charts are like a doctor who says he's not going to take a patient's temperature.”

Author

Bruce Kovner

Bruce Kovner (born February 27, 1945) is a renowned American hedge fund manager and philanthropist. He founded Caxton Associates, one of the most successful macro hedge funds globally. Known for his exceptional trading skills in currency and bond markets, Kovner is considered one of the most influential figures in the modern hedge fund industry. His investment strategies and risk management approaches have been widely studied and emulated by subsequent generations of traders. more

“Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. I know where I'm getting out before I get in. The position size on a trade is determined by the stop, and the stop is determined on a technical basis... I never think about [stop vulnerability], because the point about a technical barrier - and I've studied the technical aspects of the market for a long time - is that the market shouldn't go there if you are right.”

People Ifs Thinking Knows Way May I Can Sleep Position Bases Trade Size Determined Predetermined

Author:Bruce Kovner

“Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose”

Ifs Loses Willing Amount Trade Dollars Determined Maximum

Author:Bruce Kovner

“The Heisenberg principle - If something is closely observed, the odds are it is going to be altered in the process. The more a price pattern is observed by speculators the more prone you have false signals; the more the market is a product of nonspeculative activity, the greater the significance of technical breakout”

Ifs Process Principles Greater Products Activity Patterns Significance Odds Signals Altered Speculators

Author:Bruce Kovner

“Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.”

Next Mistake Taught Willing Judgment Thirds Critical Making Mistakes Being Wrong

Author:Bruce Kovner