“The general who advances without coveting fame and retreats without fearing disgrace.” -Sun Tzu, Chapter 10, The Art of War (1913).
Be that general in trading, and consider how the phrase applies.
In particular, note the “retreats without fearing disgrace,” and how it applies to stop-losses.
Also follow @SunTzuSaid on Twitter.
What is your favorite Sun Tzu quote?
If you know the enemy and know yourself, you need not fear the result of a hundred battles.
Chess – a timely one: “There is no instance of a nation benefiting from prolonged warfare.”
I like the Wall Street Sun Tzu quote. Something about waiting for an opportunity and such that was quoted by Bud Fox.
One of my favorite books. Favorite quote: “Invincibility lies in the defense; the possibility of victory in the attack. #RiskManagement
“Now the general who wins a battle makes many calculations in his temple ere the battle is fought. The general who loses a battle makes few calculations beforehand. Thus do many calculations lead to victory and few calculations to defeat.”
Re the Wall Street-Bud Fox quote:
“Sun-tzu: If your enemy is superior, evade him. If angry, irritate him. If equally matched, fight, and if not split and reevaluate.”
A favorite of mine.
Be patient
There is something to be learned from a rainstorm. When meeting with a sudden shower, you try not to get wet and run quickly along the road. But doing such things as passing under the eaves of houses, you still get wet. When you are resolved from the beginning, you will not be perplexed, though you still get the same soaking. This understanding extends to everything.