Investing is the most difficult of sports: nowhere else does one begin a career by opposing the world’s most accomplished professionals.

• Respect is the first casualty in lost love.

• Four industries dominate the economy: hope, escape, protection, and convenience.

• Success is the point at which talent and skill meet opportunity.

• The aim of all trading education: to encourage trading.

• The printing press democratized the acquisition of knowledge; the computer has democratized its dissemination.

• Date markets before deciding to marry them.

• Anatomy of a bad trade: Hope, then despair.

• Love, once present, never dies. It must be killed.

• Many a trader fears boredom more than loss, thereby experiencing the two in sequence.

• Work without talent is drudgery; talent without work is self-betrayal.

• Good traders master a market; great traders master markets.

• Goodness of character is measured in loyalty to others; greatness of character is measured in loyalty to principle.

• One encounters losing traders as often as one encounters losing golfers--and for much the same reason.

• Show me what a man loathes, and I will show you what he cannot accept in himself.

• Trading is the only sport in which the rules governing the players change constantly—and without notice.

• The essential message of Web 2.0: Knowledge resides in minds, not just mind.

• Two traders: one increases size after a loss; the other gets smaller. Both continue to lose.

• The absence of self-acceptance too often masquerades as the quest for self-improvement.

• Fidelity to purpose: the mark of good investments and great investors.

• Talent is the better part of trading psychology.

• The foolhardy trade is the courageous trade held a few minutes longer.

• In all fields, performance belongs not just to the talented, but to the prepared.

• Self esteem is treating ourselves with justice, not kindness.

• Addiction: when the desire to trade exceeds the desire to make money.