A Trader who took a chance
Posted: 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
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