--- title: "Meaning & Key Takeaway of: I basically learned that you must get out…" description: "\"I basically learned that you must get out of your losses immediately. It's not merely a matter of how much you can afford to risk on a given trade, but..." image: "https://sms4smile.com/quotes/i/1f3/randy-mckay-68542_attitude_i-basically-learned-that-you-must-get-ou_1603380.jpg" --- # I basically learned that you must get out of your losses… ![“I basically learned that you must get out of your losses immediately. It's not merely a matter of how much you can afford to risk on a given trade, but you also have to consider how many potential future winners you might miss because of the effect of the larger loss on your mental attitude and…” quote by Randy McKay](https://sms4smile.com/quotes/i/1f3/randy-mckay-68542_attitude_i-basically-learned-that-you-must-get-ou_1603380.jpg) [Download](https://sms4smile.com/quotes/i/1f3/randy-mckay-68542_attitude_i-basically-learned-that-you-must-get-ou_1603380.jpg) [Open image](https://sms4smile.com/quotes/i/1f3/randy-mckay-68542_attitude_i-basically-learned-that-you-must-get-ou_1603380.jpg) > “I basically learned that you must get out of your losses immediately. It's not merely a matter of how much you can afford to risk on a given trade, but you also have to consider how many potential future winners you might miss because of the effect of the larger loss on your mental attitude and trading size.” [Randy McKay](https://sms4smile.com/quotes/author/randy-mckay/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Cutting losses quickly preserves capital and mindset, preventing larger setbacks and missed opportunities. **In simple terms:** Exit losing trades fast to stay mentally strong. Key Takeaway Limit losses, protect future gains. Themes finance psychology risk management Mood focused determined Type practical advisory When to use this quote - stock trading - forex - options - personal budgeting Key Concepts loss aversion mental resilience opportunity cost Questions to Reflect On - How do you decide when to cut a loss? - What mental tricks help stay disciplined? A Different Perspective Quick exits can trigger emotional distress. ★ ★ ★ ★ ★ No ratings yet [Afford Risk](https://sms4smile.com/quotes/about/afford-risk-1274638/) [Attitude](https://sms4smile.com/quotes/about/attitude/) [Customer](https://sms4smile.com/quotes/about/customer/) [Death](https://sms4smile.com/quotes/about/death/) [Effects](https://sms4smile.com/quotes/about/effects/) [Given](https://sms4smile.com/quotes/about/given/) [Larger Loss](https://sms4smile.com/quotes/about/larger-loss-6102541/) [Learned Losses](https://sms4smile.com/quotes/about/learned-losses-4162513/) [Loss](https://sms4smile.com/quotes/about/loss/) [Losses Immediately](https://sms4smile.com/quotes/about/losses-immediately-6102542/) [Matter](https://sms4smile.com/quotes/about/matter/) [Mental attitude](https://sms4smile.com/quotes/about/mental-attitude/) [Might](https://sms4smile.com/quotes/about/might/) [Missing](https://sms4smile.com/quotes/about/missing/) [Risk](https://sms4smile.com/quotes/about/risk/) [Size](https://sms4smile.com/quotes/about/size/) [Trade](https://sms4smile.com/quotes/about/trade/) [Trade Consider](https://sms4smile.com/quotes/about/trade-consider-6102543/) [Trading](https://sms4smile.com/quotes/about/trading/) [Winner](https://sms4smile.com/quotes/about/winner/) [Your loss](https://sms4smile.com/quotes/about/your-loss/) ## Related quotes > [“I never advise friends to put money in anything,. said Danny. 'It's a no-win situation - if they make a profit they forget that…](https://sms4smile.com/quotes/jeffrey-archer/i-never-advise-friends-to-put-money-in-anything-said-danny-it-s-a-no/) [Jeffrey Archer](https://sms4smile.com/quotes/author/jeffrey-archer/) > [There is the risk you cannot afford to take, and there is the risk you cannot afford not to take.](https://sms4smile.com/quotes/peter-drucker/there-is-the-risk-you-cannot-afford-to-take-and-there-is-the-risk-you-2/) [Peter Drucker](https://sms4smile.com/quotes/author/peter-drucker/) > [What I've learned from those losses... Priceless.](https://sms4smile.com/quotes/robbie-lawler/what-i-ve-learned-from-those-losses-priceless/) [Robbie Lawler](https://sms4smile.com/quotes/author/robbie-lawler/) > [I've learned from my losses.](https://sms4smile.com/quotes/jeremy-stephens/i-ve-learned-from-my-losses/) [Jeremy Stephens](https://sms4smile.com/quotes/author/jeremy-stephens/) > [Its never a loss...If you learned from it. Losses = Lessons. Time heals all wounds! Know this!](https://sms4smile.com/quotes/anonymous/its-never-a-loss-if-you-learned-from-it-losses-lessons-time-heals-all/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [I can afford to take a risk in my life. Only the insecure cannot afford to risk failure. The secure can be honest about…](https://sms4smile.com/quotes/john-c-maxwell/i-can-afford-to-take-a-risk-in-my-life-only-the-insecure-cannot/) [John C. Maxwell](https://sms4smile.com/quotes/author/john-c-maxwell/) > [I was always a persistent guy and I learned from the losses I had.](https://sms4smile.com/quotes/vicente-luque/i-was-always-a-persistent-guy-and-i-learned-from-the-losses-i-had/) [Vicente Luque](https://sms4smile.com/quotes/author/vicente-luque/) > [ “There is the risk you cannot afford to take, \[and\] there is the risk you cannot afford not to take. PETER DRUCKER” ](https://sms4smile.com/quotes/julia-cameron/there-is-the-risk-you-cannot-afford-to-take-and-there-is-the-risk-you/) [Julia Cameron](https://sms4smile.com/quotes/author/julia-cameron/) > [The English language lacks the words 'to mourn an absence.' For the loss of a parent, grandparent, spouse, child or friend we have all…](https://sms4smile.com/quotes/laura-bush/the-english-language-lacks-the-words-to-mourn-an-absence-for-the-loss/) [Laura Bush](https://sms4smile.com/quotes/author/laura-bush/) > [I think loss can fuel how you lead your whole life.](https://sms4smile.com/quotes/martin-short/i-think-loss-can-fuel-how-you-lead-your-whole-life/) [Martin Short](https://sms4smile.com/quotes/author/martin-short/) > [You stand next to the sea and you're in touch with all your longings and all your losses.](https://sms4smile.com/quotes/elizabeth-hay/you-stand-next-to-the-sea-and-you-re-in-touch-with-all-your-longings/) [Elizabeth Hay](https://sms4smile.com/quotes/author/elizabeth-hay/) > [Knowing when to take your losses is an essential part of eventual success.](https://sms4smile.com/quotes/tom-peters/knowing-when-to-take-your-losses-is-an-essential-part-of-eventual/) [Tom Peters](https://sms4smile.com/quotes/author/tom-peters/) > [I'm very sorry for your loss. Your mother was a terribly attractive woman.](https://sms4smile.com/quotes/wes-anderson/i-m-very-sorry-for-your-loss-your-mother-was-a-terribly-attractive/) [Wes Anderson](https://sms4smile.com/quotes/author/wes-anderson/) > [You have to minimize your losses and try to preserve capital for those very few instances where you can make a lot in a…](https://sms4smile.com/quotes/richard-dennis/you-have-to-minimize-your-losses-and-try-to-preserve-capital-for/) [Richard Dennis](https://sms4smile.com/quotes/author/richard-dennis/) > [Grief is a matter of the heart and soul. Grieve your loss, allow it in, and spend time with it.](https://sms4smile.com/quotes/louise-hay/grief-is-a-matter-of-the-heart-and-soul-grieve-your-loss-allow-it-in-2/) [Louise Hay](https://sms4smile.com/quotes/author/louise-hay/) ## More by Randy McKay > [When I get hurt in the market, I get the hell out. It doesn't matter at all where the market is trading. I just…](https://sms4smile.com/quotes/randy-mckay/when-i-get-hurt-in-the-market-i-get-the-hell-out-it-doesn-t-matter-at/) [Randy McKay](https://sms4smile.com/quotes/author/randy-mckay/) > [I'll keep reducing my trading size as long as I'm losing My money management techniques are extremely conservative. I never risk anything approaching the…](https://sms4smile.com/quotes/randy-mckay/i-ll-keep-reducing-my-trading-size-as-long-as-i-m-losing-my-money/) [Randy McKay](https://sms4smile.com/quotes/author/randy-mckay/) > [When you're trading well, you have a better mental attitude. When you're trading poorly, you start wishing and hoping. Instead of getting into trades…](https://sms4smile.com/quotes/randy-mckay/when-you-re-trading-well-you-have-a-better-mental-attitude-when-you/) [Randy McKay](https://sms4smile.com/quotes/author/randy-mckay/) [Explore all 4 Randy McKay quotes ](https://sms4smile.com/quotes/author/randy-mckay/) ## More Attitude quotes > [“WE CAN'T ALWAYS CONTROL OUR CIRCUMSTANCES BUT WE CAN CONTROL OUR ATTITUDE. WE MUST BE MORE CONCERNED WITH WHAT WE DO WITH WHAT HAPPENS…](https://sms4smile.com/quotes/marvin-j-ashton/we-can-t-always-control-our-circumstances-but-we-can-control-our/) [MARVIN J. ASHTON](https://sms4smile.com/quotes/author/marvin-j-ashton/) > [It's not the method, it's the mindset.](https://sms4smile.com/quotes/andy-gilbert/it-s-not-the-method-it-s-the-mindset/) [Andy Gilbert](https://sms4smile.com/quotes/author/andy-gilbert/) > [The vision of the left, full of envy and resentment, takes its worst toll on those at the bottom - whether black or white…](https://sms4smile.com/quotes/thomas-sowell/the-vision-of-the-left-full-of-envy-and-resentment-takes-its-worst/) [Thomas Sowell](https://sms4smile.com/quotes/author/thomas-sowell/) > [Changes before your eyes, things you can do and things you can't. My attitude is always let it keep rolling.](https://sms4smile.com/quotes/terrence-malick/changes-before-your-eyes-things-you-can-do-and-things-you-can-t-my/) [Terrence Malick](https://sms4smile.com/quotes/author/terrence-malick/) > [Vow to be valiant. Resolve to be radiant. Determine to be dynamic. Strive to be sincere. Aspire to be attuned.](https://sms4smile.com/quotes/william-arthur-ward/vow-to-be-valiant-resolve-to-be-radiant-determine-to-be-dynamic/) [William Arthur Ward](https://sms4smile.com/quotes/author/william-arthur-ward/) > [Don't judge me because I'm stupid. Don't judge me because I'm, mean. Don't judge me because I'm weird. Don't judge me for mistakes. Because…](https://sms4smile.com/quotes/isaiah-harden-me/don-t-judge-me-because-i-m-stupid-don-t-judge-me-because-i-m-mean-don/) [Isaiah Harden (Me](https://sms4smile.com/quotes/author/isaiah-harden-me/) > [Your feelings (mood) dictate your thought, your thought determines your attitude (reactions) and your attitude describes your lifestyle, so: be careful how you feel](https://sms4smile.com/quotes/sheye-hassan/your-feelings-mood-dictate-your-thought-your-thought-determines-your/) [Sheye Hassan](https://sms4smile.com/quotes/author/sheye-hassan/) > [Success will come when the societal attitude changes and not a single woman in America asks herself the question 'What did I do?'.](https://sms4smile.com/quotes/joe-biden/success-will-come-when-the-societal-attitude-changes-and-not-a-single/) [Joe Biden](https://sms4smile.com/quotes/author/joe-biden/) > [“Good Seeds! Gratitude is the Greatest Attitude that has no Substitute.”](https://sms4smile.com/quotes/bernard-kelvin-clive/good-seeds-gratitude-is-the-greatest-attitude-that-has-no-substitute/) [Bernard Kelvin Clive](https://sms4smile.com/quotes/author/bernard-kelvin-clive/) > [Jeff Chu's pilgrimage across America to discover his own place as a gay man in the Christian church as well as attitudes about being…](https://sms4smile.com/quotes/donna-freitas/jeff-chu-s-pilgrimage-across-america-to-discover-his-own-place-as-a/) [Donna Freitas](https://sms4smile.com/quotes/author/donna-freitas/) > [One genuine reason to feel jealous of my parents:-) I will never ever have a kid as awesome as their's...](https://sms4smile.com/quotes/anonymous/one-genuine-reason-to-feel-jealous-of-my-parents-i-will-never-ever/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [I'm optimistic Hong Kong will achieve universal suffrage - no matter the attitude of Beijing.](https://sms4smile.com/quotes/joshua-wong/i-m-optimistic-hong-kong-will-achieve-universal-suffrage-no-matter/) [Joshua Wong](https://sms4smile.com/quotes/author/joshua-wong/) > [My attitude it that you don't give in.](https://sms4smile.com/quotes/phil-taylor/my-attitude-it-that-you-don-t-give-in/) [Phil Taylor](https://sms4smile.com/quotes/author/phil-taylor/) > [Transparency pertains to impartial behavior, implies openness, communication, and accountability. Inculcate transparency in attitude and experience a life free of controversy and blame](https://sms4smile.com/quotes/dr-anil-kr-sinha/transparency-pertains-to-impartial-behavior-implies-openness/) [Dr Anil Kr Sinha](https://sms4smile.com/quotes/author/dr-anil-kr-sinha/) > [And if the mind thinks with a believing attitude one can do amazing things.](https://sms4smile.com/quotes/norman-vincent-peale/and-if-the-mind-thinks-with-a-believing-attitude-one-can-do-amazing/) [Norman Vincent Peale](https://sms4smile.com/quotes/author/norman-vincent-peale/) [Browse all 9,543 Attitude quotes ](https://sms4smile.com/quotes/about/attitude/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "I basically learned that you must get out of your losses immediately. 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