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"Fail fast, learn faster."
—Eric Ries
"Let your winners run and cut your losers short."
—David Ricardo
"I have not failed. I've just found 10,000 ways that won't work."
—Thomas Edison
"Failure is simply the opportunity to begin again, this time more intelligently."
—Henry Ford
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The faster you identify what doesn't work, the faster you adjust, improve, and succeed.
David Ricardo, the legendary economist and trader, captured this idea perfectly with his principle: "Never refuse an option when you can get it, cut short your losses, let your profits run on."
In other words, don't hold onto bad trades, bad ideas, or bad decisions. Recognize failure, move forward, and drop the ego.
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