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Paul Tudor Jones Quotes

Paul Tudor Jones

Paul Tudor Jones quotes: billionaire investor schools us on trading and money management.

“You adapt, evolve, compete, or die.”

“One learns the most from mistakes, not successes.”

“Sometimes failure is merely chasing you off the wrong road and onto the right one.”

“Failure will give you a tattoo that will stay with you your whole life, and sometimes it’s a really good thing.”

“Always maintain your sense of confidence, but keep it in check.”

“Intellectual capital will always trump financial capital.”

“Being able to see, think, and understand what the issue is in the first couple of paragraphs is actually paramount to being efficient at what you do.  Every time I get a memo from someone written magazine style, I literally tear it up, throw it away, and make them take an online newspaper writing course.”

“Don’t be a hero.  Don’t have an ego.  Always question yourself and your ability.  Don’t ever feel that you are very good.  The second you do, you are dead.”

“Losers average losers.”

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

“It is not that we had any unfair knowledge that other people didn’t have, it is just that we did our homework.  People just don’t want to believe that anyone can break away from the crowd and rise above mediocrity.”

“Failure was a key element to my life’s journey.”

“When one door closes, another will open, but standing in that hallway can be hell.  You just have to persevere.”

“Where you want to be is always in control, never wishing, always trading, and always first and foremost protecting your ass.  That’s why most people lose money as individual investors or traders because they’re not focusing on losing money.  They need to focus on the money that they have at risk and how much capital is at risk in any single investment they have.  If everyone spent 90% of their time on that, not 90% of the time on pie-in-the-sky ideas on how much money they’re going to make, then they will be incredibly successful investors.”

“I’m always thinking about losing money as opposed to making money.  Don’t focus on making money, focus on protecting what you have.”

“Always think of your entry point as last night’s close.”

“I always believe that prices move first and fundamentals come second.”

“After a while, size means nothing.  It gets back to whether you’re making 100% rate of return on $10,000 or $100 million dollars.  It doesn’t make any difference.”

“The most important rule of investing is to play great defense, not great offense.  Every day I assume every position I have is wrong.  Always question yourself and your ability.”

“At the end of the day, the most important thing is how good are you at risk control.”

“On risk, ‘I can’t sleep if I can’t sleep.'”

“You learn more from your losses, than from your gains.”

“I think I am the single most conservative investor on earth in the sense that I absolutely hate losing money.”

“I had tried to succeed with sheer force of will and energy and financial resources.  I learned that this was not enough.  What I needed were better defined goals, better metrics, and most importantly, more efficient technologies that would enable me to achieve those goals.”

“I believe the very best money is made at the market turns.  Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle.  Well for 12 years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.”

“If you have a losing position that is making you uncomfortable, the solution is very simple: get out, because you can always get back in.  There is nothing better than a fresh start.”

“The single most important thing that you can do is diversify your portfolio.  Diversification is key, playing defense is key, and, again, just staying in the game for as long as you can.”

“Trading gives you an incredibly intense feeling of what life is all about.”

“You cannot have significance in this life if it is all about you.  You get your significance, you find your joy in life… through service and sacrifice – it’s pure and simple.”

“I think one of my strengths is that I view anything that has happened up to the present point in time as history.  I really don’t care about the mistake I made three seconds ago in the market.  What I care about is what I am going to do from the next moment on.  I try to avoid any emotional attachment to a market.”

“I get very nervous about the retail investor, the average investor, because it’s really, really hard.  If this was easy, if there was one formula, one way to do it, we’d all be zillionaires.”

“As I’ve told my three daughters, all of whom I’ve at one time encouraged to go into macro trading, any man or woman can do anything to which they set their heart and mind.”

“I believe that great success is possible in any field – from music to mathematics to macro trading.”

“I swore that I was going to prove to myself that I could be a success.”

“If life ever ceased to be an educational experience, I probably wouldn’t get out of bed in the morning.”

“My goal is to finish each day with more than I started.”

“I first decided I had to learn discipline and money management.  It was a cathartic experience for me, in the sense that I went to the edge, questioned my very ability as a trader, and decided that I was not going to quit.  I was determined to come back and fight.  I decided that I was going to become very disciplined and businesslike about my trading.”

“The markets have been so good to me that I feel I should give back something in return.”

Serving others is really, really important.  It truly is the secret to happiness in life.”

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