Trader Quote #26Posted: January 22, 2013
Trader Quote #26
“It’s not whether you’re right or wrong that’s important,
but how much money you make when your right and how much you lose when you’re wrong” George Soros
==== This quote is from one of the greatest traders & investors of our times. It is rather simple and straight to the point thus it should be taken this way.
Dont focus on the calls you made Right or Wrong rather focus on how much you Loose when you are wrong and how much you Make when you are right!
It is basic math and should be incorporated in any trading strategy. If your a new or veteran trader this is defenintely the “pivot” rule for the success of any sized-account.
On a series of 10 trades you take, ask yourself how much do i lose on a wrong call and how much do i make on the winning calls. The winning amount should be larger than the lossing one, this way you will know if you are doing it correctly.
Keep risk & money mangement simple and stick to this way of evaulating your trading performance in the short medium & long term.
Best of luck in your trading, always use stops! Dimitri Feria =====