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Customer Quote by Jack D. Schwager

“Good traders liquidate when they are wrong, great traders reverse when they are wrong” quote by Jack D. Schwager
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“Good traders liquidate when they are wrong, great traders reverse when they are wrong”

Jack D. Schwager

About This Quote

Source Book: Market Wizards, 1989

Successful traders admit mistakes and adjust strategy decisively.

In simple terms: Admit errors, change course.

Key Takeaway

Reverse positions when wrong.

Themes

trading adaptability learning

Mood

analytical pragmatic

Type

strategic reflective

When to use this quote

  • stock market
  • forex
  • options trading

Key Concepts

Behavioral finance risk management

Questions to Reflect On

  • How do you recognize a mistake?
  • When to stay the course?
A Different Perspective

Reversals can increase transaction costs.

4.3 out of 5 (8 ratings)

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