Bruce Kovner

The Heisenberg principle – If something is closely observed, the odds are it is going to be altered in the process. The more a price pattern is observed by speculators the more prone you have false signals; the more the market is a product of nonspeculative activity, the greater the significance of technical breakout

“The Heisenberg principle – If something is closely observed, the odds are it is going to be altered in the process. The more a price … Read More

My experience with novice traders is that they trade three to five times too big. They are taking 5 to 10 percent risks on a trade when they should be taking 1 to 2 percent risks. The emotional burden of trading is substantial; on any given day, I could lose millions of dollars. If you personalize these losses, you can’t trade.

“My experience with novice traders is that they trade three to five times too big. They are taking 5 to 10 percent risks on a … Read More

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.

“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 … Read More

Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.

“Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with … Read More

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 point about a technical barrier – and I’ve studied the technical aspects of the market for a long time – is that the market shouldn’t go there if you are right.

“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 … Read More