![]() ![]() ![]() Never trade in situations you don’t have control. Decrease your trading volume when you are trading poorly increase yourvolume when you are trading well.ħ. I will keep cutting my position size down as I have losing trades.Ħ. If I have positions going against me, I get out if they are going for me, I keep them.Ĥ. Never play macho with the market and don’t overtrade.ģ. When you are trading size, you have to get out when the market lets you out,not when you want to get out.Ģ. He learned the critical importance of managing riskthrough the painful and indelible experience of trading and making mistakes.ġ. This is a key trait of all top traders and investors… and PTJ stands out as one of the best. He achieved this by mastering risk management and consistently chopping off that left tail. Through years of studying the tape, he developed an instinctualfeel for price action which allows him to spot turning points in markets and beaggressive at inflection points…Īnd above all else, even after obviously becoming one of the greatest, he’s still maintained a deep sense of humility in approaching markets which have allowed him to remain mentally flexible and robust… He never pigeonholed himself into a single trading approach but instead uses a multitude of tools adopting what works and tossing what doesn’t. PTJ is a legendary trader because he’s great at playing defense and neuroticabout protecting his capital.
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June 2023
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