Dec

26

From The Mathematics of Money Management: Risk Analysis Techniques for Traders by Ralph Vince, pp xv:

Cutting the fat out of the market requires more than an understanding of

money management concepts. It requires discipline to tolerate and endure

emotional pain to a level that 19 out of 20 people cannot bear. This you will

not learn in this book or any other. Anyone who claims to be intrigued by

the "intellectual challenge of the markets" is not a trader. The markets are

as intellectually challenging as a fistfight. In that light, the best advice I

know of is to always cover your chin and jab on the run. Whether you win or

lose, there are significant beatings along the way. But there is really very little

to the markets in the way of an intellectual challenge. Ultimately, trading

is an exercise in self-mastery and endurance.


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