Nassim Nicholas Taleb is a best selling author, philosopher, scholar, and statistician. He had a long career as a professional option trader and hedge fund manager. His expertise was as a risk analyst focusing his work on the problems of outliers and fat tail events of randomness. His books go into depth about the nature of probability and solutions for managing uncertainty.

Here are some of his best quotes about price action trading in the financial markets. 

“Probability is not a mere computation of odds on the dice or more complicated variants; it is the acceptance of the lack of certainty in our knowledge and the development of methods for dealing with our ignorance.” – Nassim Nicholas Taleb

“When you develop your opinions on the basis of weak evidence, you will have difficulty interpreting subsequent information that contradicts these opinions, even if this new information is obviously more accurate.” – Nassim Nicholas Taleb

“They think that intelligence is about noticing things are relevant (detecting patterns); in a complex world, intelligence consists in ignoring things that are irrelevant (avoiding false patterns)” – Nassim Nicholas Taleb

“People overvalue their knowledge and underestimate the probability of their being wrong.” – Nassim Nicholas Taleb

“When you ask people, ‘What’s the opposite of fragile?,’ they tend to say robust, resilient, adaptable, solid, strong. That’s not it. The opposite of fragile is something that gains from disorder.” – Nassim Nicholas Taleb

“Antifragility is beyond resilience or robustness. The resilient resists shocks and stays the same; the antifragile gets better.” – Nassim Nicholas Taleb

“Fragility is the quality of things that are vulnerable to volatility.” – Nassim Nicholas Taleb

“Don’t tell me what you think, tell me what you have in your portfolio.” – Nassim Nicholas Taleb

“You start betting aggressively whenever you have a profit, never when you have a deficit, as if a switch was turned on or off. This method is practiced by probably every single trader who has survived.” – Nassim Nicholas Taleb

“No individual can get the same returns as the market unless he has infinite pockets and no uncle points. This is conflating ensemble probability and time probability.” – Nassim Nicholas Taleb

“How much you truly “believe” in something can be manifested only through what you are willing to risk for it.” – Nassim Nicholas Taleb

“Traders, when they make profits, have short communications; when they lose they drown you in details, theories, and charts.” – – Nassim Nicholas Taleb

“The market is like a large movie theater with a small door.” – Nassim Nicholas Taleb

“You will never fully convince someone that he is wrong; only reality can.” – – Nassim Nicholas Taleb

“A price can drop by ten percent because of a single seller. All you need is a stubborn seller. Markets react in a way that is disproportional to the impetus.” – Nassim Nicholas Taleb

When N.N. Taleb quizzed students on the best strategy to profit in casinos. Lot of answers but no one got the right one: start a casino.

nassim nicholas taleb
Sarah Josephine Taleb [Attribution]