That cotton trade was almost the deal breaker for me. It was at that point that I said, “Mr. Stupid, why risk everything on one trade? Why not make your life a pursuit of happiness rather than pain?
Interpretation
Focus on pursuing happiness instead of taking unnecessary risks that lead to pain.
In this quote, Paul Tudor Jones reflects on a pivotal moment in his life where he questioned the wisdom of risking everything for a single venture. He emphasizes the importance of prioritizing happiness and fulfillment over the potential pain brought about by high-stakes decisions, advocating for a life guided by meaningful experiences rather than reckless chances.
In practice
During a motivational speech to emerging entrepreneurs, you might use this quote to inspire them to avoid reckless decisions.
If I have positions going against me, I get right out; if they are going for me, I keep them Risk control is the most important thing in trading. If you have a losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.
As I've told my three daughters, all of whom I've at one time encouraged to go into macro trading, any man or woman can do anything to which they set their heart and mind.
I'm always thinking about losing money as opposed to making money. Don't focus on making money, focus on protecting what you have
You can not have significance in this life if it is all about you. You get your significance, you find your joy in life through service and sacrifice - it's pure and simple.
Don’t ever average losers. Decrease your trading volume when you are trading poorly; increase your volume when you are trading well. Never trade in situations where you don’t have control. For example, I don’t risk significant amounts of money in front of key reports, since that is gambling, not trading.
I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.
Let us dare to read, think, speak and write.
Failures are infinitely more instructive than successes.
For better or worse, intelligence can come to nothing when emotions hold sway.
I have tried to teach people there are three kicks in every dollar: one, when you make it; two, when you have it. The third kick it when you give it away - and it is the biggest kick of all.
We, or at least I, can have no conception of human life and human thought in a hundred years or fifty years. Perhaps my greatest wisdom is the knowledge that I do not know. The sad ones are those who waste their energy in trying to hold it back, for thy can only feel bitterness in loss and no joy in gain.
My heart belongs to the details. I actually always found them to be more important than the big picture. Nothing works without details. They are everything, the baseline of quality.
Subscribe for the occasional hand-picked quote. No noise.