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interesting that all of Dan’s advice deals with risk management, and none of it has anything to do with trade entry, which is what most people want to focus on.
Jack D. Schwager • Unknown Market Wizards: The best traders you've never heard of
Once he has a net profit on a trade equal to 1% of his total equity, Brandt will take partial profits. Once a trade gets within 30% of his profit target, Brandt will employ much closer stop protection.
Jack D. Schwager • Unknown Market Wizards: The best traders you've never heard of
The essence of Brandt’s strategy is to risk very little on any given trade and to restrict trades to those he believes offer a reasonable potential for an objective that is three to four times the magnitude of his risk.
Jack D. Schwager • Unknown Market Wizards: The best traders you've never heard of
- The first rule of career planning: Do not plan your career.- The world is an incredibly complex place and everything is changing all the time. You can’t plan your career because you have no idea what’s going to happen in the future. You have no idea what industries you’ll enter, what companies you’ll work for, what roles you’ll have, where you’ll... See more