Two Quants and a Financial Planner

Most Great Traders Failed First: These Key Rules Saved Them | Practical Lessons from Jack Schwager

12 snips
Mar 31, 2025
Discover timeless trading wisdom from Jack Schwager, as he shares insights from legendary traders like Paul Tudor Jones and Steve Cohen. Explore the vital importance of continuous evaluation of your portfolio to avoid complacency. Learn how emotional resilience can turn early failures into future success. Understand the necessity of adapting strategies to evolving markets and the value of waiting for the right opportunities. Delve into simple yet effective risk management techniques that can lead to significant investment success.
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ADVICE

Avoid Portfolio Complacency

  • Evaluate your portfolio as if you just built it today to avoid complacency.
  • Ask if you'd be comfortable holding each position at today's price and risk levels.
ADVICE

Cut Positions When Unsure

  • When unsure about a position, reduce it by half instead of holding or selling it all.
  • Small incremental decisions help overcome indecision and manage risk better.
INSIGHT

Early Failure Builds Resilience

  • Most great traders fail early but succeed through resilience and learning.
  • Early failures are valuable for building skill without large financial consequences.
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