Systems, Strategies and Resources for Trading Futures Message Board

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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: SE who wrote (4873)	9/30/1998 9:18:00 AM
From: Patrick Slevin	of 44573

I just came across this old message as I was cleaning out my e-mail archives. I thought you might get something out of it. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I'm of the opinion that there is actually a TRADING SECRET used by the best traders in the world. I think they all share a common....uncanny ability. They don't feel secure about there ability to complete winning trades. They don't really know how to make money. Their ability is their superb ability to NOT LOSE money. I firmly believe their ability is analyzing the risk reward of any trade. They don't know how to get rich..THEY DO KNOW HOW NOT TO GET POOR. A huge difference. Peter Lynch has it. George Soros has it. Warren Buffet has it. I could go on I am yet to meet aa world class trader who was really ever made a trade that they couldn't justify as an excellent risk reward. The mistake commonly made by "less than world class" traders is they measure risk with a naive view of possible loss based on a stop. It astounds me how many traders repeatedly enter into trades with a risk/reward based on a stop as opposed to some "series of expected outcomes."

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