The 15 Best Things Paul Tudor Jones Has Ever Said About Trading 1.

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

2, "Intellectual capital will always trump financial capital." 3. The concept of paying one-hundred-and-something times earnings for any company for me is just anathema. Having said that, at the end of the day, your job is to buy what goes up and to sell what goes down so really who gives a damn about PE's?" (P/E is price to earnings ratio.) 4. "Every day I assume every position I have is wrong."

5. "Losers average losers." 6.. "There is no training, classroom or otherwise, that can prepare for trading the last third of a move, whether it's the end of a bull market or the end of a bear market."

7. You adapt, evolve, compete or die. 8. "Trading is very competitive and you have to be able to handle getting your butt kicked." 9. If trading is like chess, then macro is like three-dimensional chess."

10, The whole world is simply nothing more than a flow chart for capital

11. "Failure was a key element to my lifes journey."

12. "Where you want to be is always in control, never wishing, always trading, and always, first and foremost protecting your butt."

13. After a while size means nothing. It gets back to whether youre making 100% rate of return on $10,000 or $100 million dollars. It doesnt make any difference

14. "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 twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms."

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

As reported in Market Wizards, Jones futures trading style and beliefs are summarized as follows [9]: Contrarian attempt to buy and sell turning points. Keeps trying the single trade idea until he changes his mind, fundamentally. Otherwise, he keeps cutting his position size down. Then he trades the smallest amount when his trading is at its worst.

Considers himself as a premier market opportunist. When he develops an idea, he pursues it from a very-lowrisk standpoint until he has been proven wrong repeatedly, or until he changes his viewpoint.

Swing trader, the best money is made at the market turns. Has missed a lot of meat in the middle, but catches a lot of tops and bottoms.

Spends his day making himself happy and relaxed. Gets out if a losing position is making him uncomfortable. Nothings better than a fresh start. Key is to play great defense, not great offense.

Never average losers. Decreases his trading size when he is doing poorly, increase when he is trading well.

He has mental stops. If it hits that number, he is out no matter what. He uses not only price stops, but time stops.

Monitors the whole portfolio equity (risk) in realtime.

He believes prices move first and fundamentals come second. He doesnt care about mistakes made 3 seconds ago, but what he is going to do from the next moment on.

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