A Trader who took a chance

Discussions about personal psychology for the individual trader.
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Sir G
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Joined: Wed Apr 16, 2003 12:21 am
Location: Salt Lake City, Utah

A Trader who took a chance

Post by Sir G » Tue Apr 22, 2003 3:28 pm

While on one of my jaunts to NY, a meeting was setup for me to meet a CTA who is pretty much a household name. When he started his firm, he did very well for himself as measured by Performance and Funds under management. He then headed into a DD that took nearly half of the funds, while his investors basically withdrew the other half.

From the top to the bottom in just a few months. Breakneck speed!

When I asked him about this, he said that at the time (and even looking back at it) from whatever angle he looked at the situation, he knew he should have closed up shop. Surprisingly all the advice he was getting was also encouraging him to close. But he said his “ego” couldn’t handle that. So he preserved. When you fast-forward to today he has over 500mil under management.

Trading and risk taking isn’t limited to the orders that we place. This is true to whatever level you currently find yourself, from the top to the bottom and every point in-between. You have to apply the risk to get the reward.

Sir G

forex_kid
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Location: Sacramento, CA

from the top to the bottom

Post by forex_kid » Sun Apr 27, 2003 2:06 am

Word.



Well, you about summed it up Sir G. I've been realizing more and more lately that it's really all smoke and mirrors until you clearly define the risk you can accept, and then put yourself out there.

You can't hit the ball without swingin' the bat.


-Morgan

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