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Ed Seykota had some good advice in "Market Wizards" by Jack Schwager on this.
You should pay it some heed. Perhaps it'd be best to model it using Monte Carlo to define how much.
Ed Seykota had some good advice in "Market Wizards" by Jack Schwager on this.
You should pay it some heed. Perhaps it'd be best to model it using Monte Carlo to define how much.
From the Trading Coach, Chris Shea.
From the Trading Coach, Chris Shea.
Use Monte Carlo.
The population of your future trades can tell you a lot of what TO do, and NOT to do.
Use Monte Carlo.
The population of your future trades can tell you a lot of what TO do, and NOT to do.
"I try to keep very conscious of the idea that I have to listen to myself".
Good advice.
"I try to keep very conscious of the idea that I have to listen to myself".
Good advice.
And don't stay on the wrong side of them. Without a protective stop financial ruin may result.
And don't stay on the wrong side of them. Without a protective stop financial ruin may result.
Be independent.
Good advice👇
Be independent.
Good advice👇
And trade less, being more selective.
From "Market Wizards"👇
And trade less, being more selective.
From "Market Wizards"👇
Chris Shea, the trading coach, recommends a maximum of between 5 and 9. Good advice. 👇
Chris Shea, the trading coach, recommends a maximum of between 5 and 9. Good advice. 👇
🌟 Always quantify your risk.
🌟 Always have a protective stop in the market good till cancelled.
🌟 Always quantify your risk.
🌟 Always have a protective stop in the market good till cancelled.
William O'Neil thinks so too.
William O'Neil thinks so too.
Do you use it when allocating % risk to your trades. It may not be a good idea.....
It didn't work out for LTCM.
Do you use it when allocating % risk to your trades. It may not be a good idea.....
It didn't work out for LTCM.
What's that trading plan of yours say?
Good advice from a wizard - trade smaller - don't do the opposite! 👇
What's that trading plan of yours say?
Good advice from a wizard - trade smaller - don't do the opposite! 👇
Just trade your plan, and diligently follow your rules.
And don't let an instrument get into your blood and hypnotise you. Ruin may result...
From one of Jack's books 👇
Just trade your plan, and diligently follow your rules.
And don't let an instrument get into your blood and hypnotise you. Ruin may result...
From one of Jack's books 👇
It's brilliant in hindsight tho.
Mandelbrot👇
It's brilliant in hindsight tho.
Mandelbrot👇