The Authority’ on Price Action Trading. In 2016, Sam seiden forex won the Million Dollar Trader Competition.
Money is made by sitting, not trading. Throughout my financial career, I have continually witnessed examples of other people that I have known being ruined by a failure to respect risk. If you don’t take a hard look at risk, it will take you. Letting losses run is the most serious mistake made by most investors. Michael taught me about making your best judgement, being wrong, making your next best judgement, being wrong, making your third best judgement, and then doubling your money. That cotton trade was almost the deal breaker for me.
Stupid, why risk everything on one trade? Why not make your life a pursuit of happiness rather than pain? If you can follow these three rules, you may have a chance. When I get hurt in the market, I get the hell out. It doesn’t matter at all where the market is trading. If you stick around when the market is severely against you, sooner or later they are going to carry you out.