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Paul Tudor Jones II: Every day I assume every position I have is wrong. I know where my stop risk points are going to be. Always maintain your sense of confidence, but keep it in check. Paul Tudor Jones II is one of the wealthiest men in the world.
He decided he wanted to be a self-reliant trader instead. After paying his dues with some tough losses, he refused to quit on his dream and was soon making millions as a trader. He started his own hedge fund and has since made billions. Jones is unequivocally recognized as one of the greatest traders ever. When people think of billionaire hedge fund managers, they tend to think of big egos and aggressive risks. Jones, perhaps the most successful hedge fund manager there is, tells us the key to success is the exact opposite of that perception.
He says having an ego is a recipe for disaster and that aggressive offense is the downfall of most traders. Instead, the number one goal should be to play great defense. To be successful, you have to take risks. The fact is, risks can be considerably limited for most opportunities with a few smart precautions. By asking these three simple questions, your mind will quickly find some practical ways to minimize your risks.
And if the downside risks are limited, the upside potential is even more intriguing. For traders, that means always setting a predetermined stop for exiting a trade if it goes against you. Instead, millionaires become millionaires by coming up with simple ways to minimize the risks and maximize the potential rewards.
Yes, there will always be risks involved with anything worth doing. But those risks can be cut back considerably if you simply take a step back and think about ways you can play great defense first. Failure is part of life and the path to becoming a millionaire will include many failures. They key is to ensure that you will never let one single failure be so great that it wipes you out and prevents you from continuing to move forward. The material provided by the DarvasTrader. The information contained on the DarvasTrader.
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