I'm always thinking about losing money as opposed to making money. Don't focus on making money, focus on protecting what you have
Interpretation
Prioritize safeguarding your existing resources over solely aiming to acquire more wealth.
This quote by Paul Tudor Jones emphasizes the importance of risk management and preservation of capital in the pursuit of financial success. Rather than being consumed by the desire to make new money, one should concentrate on protecting their current assets and minimizing potential losses, which is a strategic approach in the world of investments and wealth building.
In practice
In a financial seminar about investment strategies, you could remind participants of the importance of capital preservation.
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.
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.
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?
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.
The world was not supportive. They look at me as a joke for 13 to 14 years until I could prove feasibility; then I had competitors. Those that laughed at me became my competitors.
All progress depends upon the unreasonable person.
I have known lots of millionaires who were not happy men; they had not got all they wanted and therefore had failed to find success in life. A Singalese proverb says: "He who is happy is rich, but it does not follow that he who is rich is happy." The really rich man is the man who has fewest wants.
Success doesn't come instantly. Neither does the ability to lead.
I am like a Rolls- Royce. I can run without an engine, purely on reputation
I think when you win the national championship, it works throughout your team. Where human nature is to say, I did well. I got my quota this month. Now do I get some time off? Do I get a bonus? Do I get to go on a cruise? But it's not to keep trying to be the best. That's not necessarily human nature.
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