Saturday, June 11, 2011

Paul Tudor Jones - A remarkable Trader

Do a google search for more information on this extraordinary trader and human being. I am giving some thoughts on trading from a blog. Read the full article here.

-Never play macho man with the market. Never over-trade relative to the equity in your account
-”Now I spend my day trying to make myself as happy and relaxed as I can be. If I have positions going against me, I get right out; if they are going for me, I keep them”
-Be quicker and more defensive. Always think about losing money as opposed to making money. He always has a mental stop. If it hits that number, he is out no matter what.

-Try to picking turning points. Keep trying, but cut position size down if trading poorly (after successive losing trades)
Never trade in situations where you don’t have control. For example, I don’t risk significant amounts of money in front of key reports, since that is gambling, not trading
-If you have losing position that is making you uncomfortable, the solution is very simple: Get out, because you can always get back in.
-His investment philosophy is “I don’t take a lot of risk, I look for opportunities with tremendously skewed reward-risk”
The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.


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