There Is No Training, Classroom Or Otherwise,

My Off-the-cuff Remarks At The University Of Virginia Were With Regard To Global Macro Traders, Who Are On-call 24/7 And Of Whom There Are Likely Only A Few Thousand Successful Practitioners In The World Today. Macro Trading Requires A High Degree Of Skill, Focus And Repetition. Life Events, Such As Birth, Divorce, Death Of A Loved One And Other Emotional Highs And Lows Are Obstacles To Success In This Specific Field Of Finance.

I Believe The Very Best Money Is Made At The Market Turns. Everyone Says You Get Killed Trying To Pick Tops And Bottoms And You Make All Your Money By Playing The Trend In The Middle. Well For Twelve Years I Have Been Missing The Meat In The Middle But I Have Made A Lot Of Money At Tops And Bottoms.

If Trading Is Like Chess, Then Macro Is Like Three-dimensional Chess.

After Awhile Size Means Nothing. It Gets Back To Whether You're Making 100% Rate Of Return On 10k Or 100 Million Dollars. It Doesn't Make Any Difference.

That Cotton Trade Was Almost The Deal Breaker For Me. It Was At That Point That I Said, “mr. Stupid, Why Risk Everything On One Trade? Why Not Make Your Life A Pursuit Of Happiness Rather Than Pain?