Customer Quote by Jack D. Schwager
“Good traders liquidate when they are wrong, great traders reverse when they are wrong”
About This Quote
Source Book: Market Wizards, 1989
Successful traders admit mistakes and adjust strategy decisively.
In simple terms: Admit errors, change course.
Reverse positions when wrong.
Themes
Mood
Type
When to use this quote
- stock market
- forex
- options trading
Key Concepts
Questions to Reflect On
- How do you recognize a mistake?
- When to stay the course?
Reversals can increase transaction costs.