Continue reading...Why do people trade? For most, their primary motivation is to make money. Sure, there are secondary reasons however they all stem from the undeniable urge to make money.
Ironically, this would have to be the main reason why people fail. With most of our trading decisions, it is only natural that we focus on making money because this is the main reason we consider trading in the first place.
Whilst I concede the idea of making money is important, it is not as important as protecting the money that you have to trade with. I think Paul Tudor Jones says it best when he said, ?Don?t focus on making money, focus on protecting what you have.?
Stephen Waugh is a former Australian cricketer and was the captain of the Australian Test Cricket Team from 1999 to 2004. He is credited with a quote that can be applied to trading. He said the best advice he was ever given about batting was to ?Not get out!? That was it ? in other words, how can you score runs if you have been dismissed. ...
Last edited by a moderator: