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.
Paul Tudor JonesRead
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.
Interpretation
What this quote means
Effective risk management is key in trading; knowing when to exit a losing position can lead to better outcomes.
This quote by Paul Tudor Jones emphasizes the importance of risk control in trading. It highlights that when a trader faces positions that are unfavorable, the best course of action is to exit, as the market presents opportunities to re-enter when conditions are more favorable. Acknowledging one's discomfort with a losing position and acting on it is crucial for maintaining long-term success in trading.
Themes
Risk ManagementTradingPositionsExit StrategyInvestment
In practice
Example use cases
During a trading seminar, a speaker might use this quote to emphasize the importance of risk management to new traders.
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All quotes →I'm always thinking about losing money as opposed to making money. Don't focus on making money, focus on protecting what you have
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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.
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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?
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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.
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