I don’t think the alternatives are trading to not lose vs. imprudent boldness. Rather, the alternative is to trade or not to trade. One should trade when there is a demonstrable edge in one’s favor: then it’s trading to win. If one lacks that edge and (rightly) fears losing, the rational choice is to refrain from trading. The pallbearers enter the picture when there’s a need to trade that exceeds the limits of one’s demonstrable edge. Such “boldness” also manifests itself in improper sizing of trades and poor trade management. It has nothing to do with trading to win–and everything to do with the need for stimulation. Trading to not lose is certainly more effort than it’s worth and also expensive. Unlike the “bold” trader, the fearful trader exits positions prematurely, fails to enter trades with good edges, and undersizes positions.Most trading problems boil down to deficient self-control and resulting impulsivity. The impulse for excitement and the impulse to avoid harm are flip sides of the same coin–and not infrequently alternate within the same trader. Both take the trader away from the prudent trading to win.