Quotes from Jack D. Schwager

Being wrong is acceptable, but staying wrong is totally unacceptable.

Being a successful investor & winning in the stock market is a matter of skill & discipline and not luck alone

There are a million ways to make money in the markets. The irony is that they are all very difficult to find.

Being wrong is acceptable, but staying wrong is totally unacceptable.

Michael Jordan didn't become a great basketball player because he wanted to do product endorsements. Van Gogh didn't become a great painter because he dreamed that one day his paintings would sell for $50 million.

Make the calls. Maybe they won't talk to you, but I guarantee that if you don't call, they won't talk to you.

Actually, the best traders have no ego.

Another way to determine the direction of the general market is to focus on how the leading stocks are performing. If the stocks that have been leading the bull market start breaking down, that is a major sign the market has topped. Another important factor to watch is the Federal Reserve discount rate. Usually, after the Fed raises the rate two or three times, the market runs into trouble.

You just stay focused on what you have to do. Exactly.

I discovered that you can't train people how to trade by just imparting knowledge. The key to trading success is emotional discipline. Making money has nothing to do with intelligence. Think of all the bright people that choose careers on Wall Street. If intelligence were the key, there would be a lot more people making money trading.

If you don't stay with your winners, you are not going to be able to pay for the losers.

Traders focus almost entirely on where to enter a trade. In reality, the entry size is often more important than the entry price

If instead of saying, "I'm going to do this trade," you say, "I'm going to watch myself do this trade," all of a sudden you find that the process is a lot easier.

Either go at it full force or don't go at it at all. Don't dabble.

Charting is a little like surfing. You don't have to know a lot about the physics of tides, resonance, and fluid dynamics in order to catch a good wave. You just have to be able to sense when it's happening and then have the drive to act at the right time.

Buffett being penalized for underperforming versus managers riding the long side of the dot-com bubble is a perfect illustration of a common investor mistake—failing to realize that often the managers with the highest returns achieve those results because they're taking the most risk, not because they have the greatest skill.

it's not about being right; it's about making money.

One of my rules was to get out when the volatility and the momentum became absolutely insane.

I figured out that for every dollar I made trading, 30 percent was going to the government, 30 percent was going to support my planes, and 20 percent was going to support my real estate. So I finally decided to sell everything.

hold on to your winners and cut your losers.

It is impossible to consistently outperform the market by using any information that the market already knows.

You don't want to have a position before a move has started. You want to wait until the move is already under way before you get into the market.

Can you give me an example of how the lack of real world experience would hurt the researcher?

traders shouldn't stick their heads in the sand and just hope it gets better.