Bases Quote by Bruce Kovner
“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 other people who may be using the same stop, because the market shouldn't go there if I am right”
About This Quote
Source Interview: Market Strategies, Bruce Kovner, 1990s
He uses predetermined stop‑loss levels to limit risk, ensuring peace of mind and disciplined position sizing.
In simple terms: Set stop‑losses to control risk and sleep better.
Key Takeaway
Always define exit before entry.
Themes
risk management
discipline
trading psychology
Mood
calm
focused
Type
practical
strategic
When to use this quote
- stock trading
- forex
- options
- personal finance
- stress reduction
Key Concepts
stop‑loss strategy
technical analysis
position sizing
Questions to Reflect On
- How do you balance risk control with potential upside?
- What factors could cause a stop‑loss to be ineffective?
A Different Perspective
If the market moves against you, a rigid stop may trigger premature exits.
![“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…” quote by Bruce Kovner](https://sms4smile.com/quotes/img-quotes/06e/bruce-kovner-30819_bases_whenever-i-enter-a-position-i-have-a-pre_2840023.jpg)
![“Michael [Marcus] taught me one thing that was incredibly important... He taught me that you could make a million dollars. He showed me that if you applied yourself, great things could happen. It is very easy to miss the point that you really can do it.” quote by Bruce Kovner](https://sms4smile.com/quotes/img-quotes/9e8/bruce-kovner-30819_can-do_michael-marcus-taught-me-one-thing-that_1708047.jpg)
