who cares about soros,,he makes his money on managing other people's money and manipulating markets.
trading and investing is child's play.
even a computer algorithm can do it. even 13 year kid can trade.
trading and investing is child's play.
even a computer algorithm can do it. even 13 year kid can trade.
Quote from BCE:
Here's a story and quotes from George Soros. Probably a lot of you have seen this. But just wanted to share this in regard to maximizing your profits on your trades. I know he's a controversial guy, but this post is about trading. So those of you who don't agree with his politics, etc. spare us from your bashing comments on what a jerk he is...........blah, blah, blah. Save those for the Religion and Politics forum. Posts relating to the trading aspects are welcome.
"You call that a position?"
Q: What else have you learned from Soros?
A: I've learned many things from him, but perhaps most significant is that it's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong. The few times that Soros has ever criticized me was when I was really right on the market and didn't maximize the opportunity.
As an example, shortly after I had started working for Soros, I was bearish on the dollar and put on a large short position against the Deutsche mark. The position had started going in my favor and I felt rather proud of myself. Soros came into my office, and we talked about the trade.
'How big a position do you have?' he asked.
'One billion dollars,' I answered.
'You call that a position?' he said dismissingly. He encouraged me to double my position. I did, and the trade went dramatically further in our favor.
Soros has taught me that when you have tremendous conviction on a trade, you have to go for the jugular. It takes courage to be a pig. It takes courage to ride a profit with huge leverage. As far as Soros is concerned, when you're right on something, you can't own enough.
Although I was not at Soros Management at the time, I've heard that prior to the Plaza Accord meeting in the fall of 1985, other traders in the office had been piggybacking George and hence were long the yen going into the meeting. When the yen opened 800 points higher on Monday morning, these traders couldn't believe the size of their gains and anxiously started taking profits. Supposedly, George came bolting out of the door, directing the other traders to stop selling the yen, telling them that he would assume their position. While these other traders were congratulating themselves for having taken the biggest profit in their lives, Soros was looking at the big picture: The government has just told him that the dollar was going to go down the next year, so why shouldn't he be a pig and buy more?
Soros is also the best loss taker I've ever seen. He doesn't care whether he wins or loses on a trade. If a trade doesn't work he's confident enough about his ability to win on other trades that he can easily walk away from the position. There are a lot of shoes on the shelf; wear only the ones that fit. If you're extremely confident, taking a loss doesn't bother you."
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We shall not cease from exploration
And the end of all our exploring
Will be to arrive where we started
And know the place for the first time
- T.S. Eliot -
