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Excess Returns
Timeless Lessons from History's Best Traders | Jack Schwager
Jan 30, 2025
In a captivating discussion, veteran trader and author Jack Schwager shares insights drawn from his interactions with the world's top traders, including legends like George Soros. Schwager highlights the unchanging nature of trading psychology and the essential role of risk management. He emphasizes the difference between true risk and volatility, drawing from notable events like the 2008 financial crisis. Schwager also previews his upcoming book, promising to deliver timeless lessons for both new and seasoned traders.
01:07:43
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Quick takeaways
- Effective risk management is vital for traders, emphasizing the necessity of knowing exit points before entering positions to control losses.
- Human psychology plays a critical role in trading, with successful traders maintaining discipline to cut losses despite emotional pulls to hold on.
Deep dives
Understanding Risk Management in Trading
Effective risk management is crucial for successful trading, emphasizing the importance of knowing when to exit a position before entering it. This proactive approach allows traders to make informed decisions regarding their risk tolerance and potential losses. Successful traders often highlight the necessity of controlling losses over seeking profits, as this fundamental principle underpins long-term success. Noteworthy examples include traders utilizing strict stop-loss rules and predetermined risk levels to protect their capital against market volatility.
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Discover
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