"Whenever I take a position, I like to imagine what it would be like under the worst-case scenario. In doing so, I minimize the confusion if that situation actually develops. In my view, losses are a very important part of trading. When a loss happens, I believe in embracing it."
"If you break a discipline once, the next transgression becomes much easier."
10 likes
Source: Gil Courtemanche (2007). “A Sunday at the Pool in Kigali”, p.178, Vintage
About the author
Same author
More quotes by Gil Blake
"The critical ingredient is a maverick mind. Focus on trading vehicles, strategies and time horizons that suit your personality. In a nutshell, it all comes down to: Do your own thing (independence); and do the right thing (discipline)."
"First of all, most traders don't have a winning strategy. Second, even among those traders who do, many don't follow their strategy. Trading puts pressure on weaker human traits and seems to seek out each individual's Achilles' heel."
"Opportunities change, strategies change, but people and psychology do not change. If trend-following systems don’t work well, something else will. There’s always money being lost, so someone out there has to win."