Trading is all about riskcontrol !The following excerpt is from one of my favourite audiotapes ,’Risking ‘by David Viscount.I keep this on my desk to remind me each day to keep “risking.”Only a person who risks is truly free.
To laugh is to risk appearing the fool.
To weep is to risk appearing sentimental
To expose feelings is to risk exposing your true self.
To place your ideas ,your dreams ,before a crow is to risk their loss.
To live is to risk dying.To hope is to risk despair.To try is to risk failure.
But risks mist be taken ,because the greatest hazard in life is to risk nothing
The person ,who risks nothing ,does nothing ,has nothing ,and is nothing.
They may avoid suffering and sorrow ,but they cannot learn ,feel ,change ,grow ,love …live.
only a person who risks is free
The most successful traders and aggressive investors learn from their mistakes. Many even go as far as writing down what went wrong and analyzing the problem. Mistakes can be costly, so use them as learning experiences and don’t make the same mistake twice. Unfortunately, many people are doomed to make the same mistakes over and over again. This behavior is usually a sign of emotional reactions to price momentum and the absence of any well-thought-out strategy. My father once told me that the best education comes from learning from the mistakes of others. Most people fail in the market not because of technology or a lack of information but because of emotional reactions and a failure to learn from their mistakes and the mistakes of others.
The first quote is from the foreword by Jack Schwager the ensuing excerpt in my opinion is one of the most important passages in ‘Reminiscences’. Enjoy!
My lessons may have been costly ,but they brought with them a kind of undertstanding more precious than gold.