I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have.
– Paul Tudor Jones
I always return with the same message. Your technical expertise doesn’t guarantee your success. The fundamental skills are trading psychology and risk management.
To win the War of Trading, one must understand the psychology that drives human nature and needs proper risk management tools.
To become a consistently successful trader, you must protect your capital. You must survive in the market the next day, next week, and next year.
If you lose your money entirely, the Mother Market will not give you the next chance because there will be no capital in your account to trade any financial instrument.