Money is not in the carpenter's hammer; it is in the carpenter himself.

In the same way, money is not in the market; it is in you.

The market is neutral, just like the hammer.

The location of a mansion determines its value.

A beautiful house in a poor neighborhood 

has less value than it would have in a rich neighborhood

it's the same with your trade

Position of your setup is more important than the event itself.

A powerful event in the wrong position loses much of its power.

Combining a powerful event with a powerful position is like real estate:

Location, location, location is how you make money.

The news doesn’t matter much to me.

If I see a short opportunity with no news, I’ll take the short.

If I see a short opportunity with news, I’ll still take the short.

So, what does the news matter if I’m going to take the trade anyway?

Losing is the cost of doing business.

Insurance companies win many times and lose big once or twice—that’s their cost of doing business.

Trading with big size is much the same.

Ideas are like brainchildren, and we naturally become biased and protective of them

just as we are with our own children.

When you form an idea about the movement of a stock, 

it becomes your “child” (e.g., “This is the bottom; it should turn”).

Trade what you see, not what you think

Other people make money.

Traders take money.

Traders take profits.

Traders take rewards.

Winners take action and take what they’ve earned.

Losing money doesn’t define failure.

You fail the moment you don’t act on what you said you would do:

when you don’t follow your plan or lose awareness.

Create a checklist for your life, divided into A’s, B’s, and C’s.

Prioritize and take action.

Most people live a “C” life because tackling the “A” tasks is hard.

The market has no inherent order; it’s lawless.

You must bring your own order to it.

In the beginning, it’s not about making money.

It’s about keeping your word, staying calm, and being strong 

and fortified enough that a negative P&L or a drop in a stock doesn’t shake you.

Pullbacks help a stock reach its potential.

However, if a stock has already reached its potential, a pullback becomes suspicious.

Your mental picture of a stock is not reality.

When the stock doesn’t align with your mental image, you feel frustrated.

You become fearful when your mental image predicts a loss that hasn’t even happened yet.

Losses are like tunnels 

if you keep moving forward, they will eventually end.

The real loss happens when you go against your plan.

That is a sin against your soul.

Wisdom trading is cultivated through knowledge activated by experience.

Every big trader has experienced a big, debilitating loss.

It’s almost like an initiation into the circle.

After a big loss, something changes - you stop fearing it.

The goal is not money.

Money is a byproduct of doing the right thing.

The goal is to focus on doing the right thing.