The key to success in trading lies in top-tier, outstanding defense—not top-tier, outstanding offense.

For every position I hold, I assume it’s wrong every day, until I decide where to place the stop-loss that controls my risk.
If the position moves against my expectations, I also have a corresponding exit plan.
In trading, don’t try to be a hero; don’t have too much self-esteem. Strive to reach a state of “no-self.” Always reflect on yourself and examine your own abilities. Never assume you’re already very outstanding.
Understand this: in the trading market, if you’re a step slower or a move behind, you’re done for.
— Paul Tudor Jones