If Trading Is Like Chess, Then Macro

As I've Told My Three Daughters, All Of Whom I've At One Time Encouraged To Go Into Macro Trading, Any Man Or Woman Can Do Anything To Which They Set Their Heart And Mind.

We Have Ripped The Humanity Out Of Our Companies. It's Threatening The Very Underpinnings Of Our Society.

If I Have Positions Going Against Me, I Get Right Out; If They Are Going For Me, I Keep Them Risk Control Is The Most Important Thing In Trading. If You Have A Losing Position That Is Making You Uncomfortable, The Solution Is Very Simple: Get Out, Because You Can Always Get Back In.

The Most Important Rule Is To Play Great Defense, Not Great Offense. Everyday I Assume Every Position I Have Is Wrong. I Know Where My Stop Risk Points Are Going To Be. I Do That So I Can Define My Maximum Drawdown. Hopefully, I Spend The Rest Of The Day Enjoying Positions That Are Going In My Direction. If They Are Going Against Me, Then I Have A Game Plan For Getting Out.

The Whole World Is Simply Nothing More Than A Flow Chart For Capital.