Sunday, October 12, 2014

what i read today: Do You Want to Be Right or Rich? (12 oct 2014)

Try not to be a bull or a bear but an opportunist. The opportunity seeker is influenced by the same endless opinions that dominate the news, yet he doesn’t allow himself into an inflexible point of view. He explores various scenarios and designs low risk trades to exploit the possible outcomes. He focuses on things he can control.

In the end, making money is a different game than being right or wrong. I know a lot of smart guys who were right about a market’s outcome but still went broke because they were inflexible. In short, they got too invested in being right and lost focus of the real goal, which is to make money.

- Viewpoints of a Commodity Trader: Do You Want to Be Right or Rich?