Commentary

Brett Cenkus
Traders Magazine Online News

Trump Won't Kill America, Bitcoin Will

In this shared piece, author Brett Cenkus argues that nation-states will cease to exist not because of a who, but a what - and it's already here.

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August 31, 2004

How the Big Pros Won: Lessons from the Greatest Stock Traders of All Time Proven Strategies Active

By Gregory Bresiger

Can a trader critically self-examine himself or herself and apply these kinds of rules or any kind of rules, for that matter? Can a professional be a tough critic? One finds these sorts of questions running throughout this book. And how many traders can pass this test of self-analysis?

Indeed, how many human beings have had the intestinal fortitude to admit losses before they run up big numbers? And does one have the ability to critically examine oneself, even when one is bloodied?

The author, in summarizing the common threads of these remarkable traders, writes that they all "learned that the key to reducing losses and getting on the road to profits is to constantly analyze the trades one makes, and then learn from mistakes."

How many professionals want to do that? How many professionals have the ability to do that? And how many of their bosses insist on it?

Profitable Gains

The author continues: "They understood their successes so they could eliminate the loss-causing actions and capitalize on the transactions that led to profitable gains. All would write down when they made their trades, and they would go back later and review, especially the losing trades. It's not easy to admit and then keep looking at your mistakes as a reminder..." (Page 128).

As the Bard of Avon might have written about the last part of that advice, "there's the rub."