Phantom of the pits, page-2

I've printed out his book (series of interviews really) from the Futures web site about a year ago and read him quite often. Enjoy his somewhat quirky take on trading...though his 2 golden rules are really worth trying to follow. They're best suited to futures or day trading but worthwhile in any case.
Here are his rules as stated by POP
1) In a losing game such as trading, we start against the majority and assume we are wrong until proven correct. Positions established must be reduced and removed until or unless the market proves the position correct.
The collorulary: Never wait till the market proves you wrong.... generally its too late and too painful by then.

2) Press your winners correctly without exception.
Collorulary: Never reduce a winning trade but rather add to it. This is the real killer move to tip the losing law of averages your way ...in the long run.