March 19, 2023

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I have two basic rules about winning in trading as well as in life: 1.) if you don’t bet, you can’t win; 2.) if you lose all your chips, you can’t bet.

This is a quote by Larry Hite, a successful hedge fund manager, and it suggests that in both trading and life, taking risks is necessary in order to achieve success. But, it’s important to take calculated risks and not to risk everything at once, as this could lead to catastrophic losses.  The first rule highlights the importance of taking action and making bets to have a chance at winning, while the second rule emphasizes the importance of managing risk and avoiding losses that could prevent future opportunities. 


Practicing Non-Attachment

An attitude of non-attachment in trading is key! Here’s a Zen story that highlights that: Two monks were traveling together on a journey through the countryside when they came across a woman who was trying to cross a muddy and flooded road. She was clearly in distress and unable to continue her journey. Without hesitation, one of the monks picked her up and carried her across the road, while the other monk watched in surprise. After they had traveled a few miles, the second monk finally spoke up, “Brother, as monks, we have taken a vow of celibacy and non-attachment. How could you touch that woman?” The first monk looked at him and said, “Brother, I put that woman down back at the road, but it seems that you are still carrying her with you.” The story illustrates the importance of letting go of our attachments and judgments, and embracing a proper attitude of non-attachment and equanimity. In the market, and more broadly in life, we often carry the weight of our past experiences and emotions with us, allowing them to influence our present and future. But, by letting go of our attachments and judgments, we can free ourselves from the burden of the past and live in the present moment with peace and clarity of mind.

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