In 2021, against EVERYONE'S advice, I entered and fortunately won the U.S. Investing Championship breaking and setting new all-time record in the $1 million division with a 343% return! People said to me, "why take the risk?" You already won it in 1997... if you don't win, everyone will think you lost your touch." That's precisely why I entered!! To push beyond my comfort zone and put myself against the wall, where I was forced to dig deep and bring out the best in myself. It's never too late to be better, to take risks, to live a dream, and to dare to aim for higher goals. Start today! Do something that takes courage, and you will build character and become stronger. Live a life that demands your best efforts, and you will find your personal greatness.
You need your capital to make money. Rule #1 is always to protect your capital. There is a cost to this, and it means missing opportunities and underperforming at times. These quotes reminding us of the importance of selling quickly to limit losses show the common practice among legends regardless of style.
โThe only thing to do when a person is wrong is to be right, by ceasing to be wrong. Cut your losses quickly, without hesitation. Don't waste time." - Jesse Livermore
"The first rule of an investment is don't lose [money]. And the second rule of an investment is don't forget the first rule. And that's all the rules there are." - Warren Buffett
"My philosophy is that all stocks are bad. There are no good stocks unless they go up in price. If they go down instead, you have to cut your losses fast Letting losses run is the most serious mistake made by most investors." William O'Neil
โSoros is the best loss taker Iโve ever seen. He doesn๏ฟฝ๏ฟฝ๏ฟฝt care whether he wins or loses on a trade. If a trade doesnโt work, heโs confident enough about his ability to win on other trades that he can easily walk away from the position. There are a lot of shoes on the shelf; wear only the ones that fit. If youโre extremely confident, taking a loss doesnโt bother you.โ -Stanley Drukenmiller
โโฆat the end of the day, the most important thing is how good are you at risk control. Ninety-percent of any great trader is going to be the risk control.โ -Paul Tudor Jones
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