About this episode
Your #1 job as a trader or speculator is to play superior defense. "Your first loss, is your best loss."
Bad news becomes worse news, it rarely gets better. Offset the risk and then you can think with a clearer head.
Don't lament over a losing position when your emotional and financial systems are shocked. Use you entry rules to get back in. That's the best you can do today.
Your main goal is to preserve you capital and play superior defense. I'm not a big fan of band-aid positions - to me it's black and white. You're making money or not.
Follow you rules, but have a circuit breaker that you enact when an outlier event hits one of your positions.
Get the Inner Voice of Trading Audiobook Free.
Get every episode summarized
Each time Trader Mindset publishes, we email you a written briefing from the transcript — the topics, who appeared, and any specific claims, with the ad reads skipped.
Email me new episodesFree for 3 shows. No card needed.
Hosts & guests
No transcript yet
This episode has not been transcribed. Request it and it moves to the front of the queue.
More episodes
More from Trader Mindset
Why you should trade in a simulator
Trader Mindset
How chasing trades only leads to sadness and anxiety
Trader Mindset
Build an Awesome Portfolio with Jared Dillian
Trader Mindset
Unrealized gains don't just disappear
Trader Mindset