>> Trading Quotes / Learnings

1) Strategy & Basics
"Amaranth once sent chess sets as year-end gifts, inscribed with a quotation from the late grandmaster Alexander Kotov: “It often happens that a player carries out a deep and complicated calculation, but fails to spot something elementary right at the first move.” - From a WSJ Article {PS - I am not sure if Amaranth actually did send these chessboards}

What this means is that before you get into a long and complex strategy, check if the basics are in place. E.g. get the entire picture of the stock (technically or fundamentally), add money management and then only enter the trade. Allocating large amount of capital to a single trade will surely lead to disaster, sooner or later.