There are three vitally important components to each trade
-Timing
-Direction
-Sizing
Get any one of these wrong and the trade is wrong
All three need to be correct
It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.
— George Soros
"Like Warren [Buffett], I had a considerable passion to get rich, not because I wanted Ferraris – I wanted the independence. I desperately wanted it."
— Charlie Munger.