Don't Be A Hero. Don't

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.

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.

There Is No Training, Classroom Or Otherwise, That Can Prepare For Trading The Last Third Of A Move, Whether It's The End Of A Bull Market Or The End Of A Bear Market.

You Learn More From Your Losses, Than From Your Gains.

Don't Be A Hero. Don't Have An Ego. Always Question Yourself And Your Ability. Don't Ever Feel That You Are Very Good. The Second You Do, You Are Dead.