抄抄抄
Regardless of what hedge fund strategy you are trading, there are implicit risks involved. The first rule in any kind of investing is to understand how much you stand to lose, rather than how much you stand to gain. Having a stringent trading process that fully accounts for risk is critical to a trader’s long-term success. Like the old adage about pilots says: “There are old and bold fighter pilots, but rarely both.” The inescapable fact is that any time a global macro trader puts a trade on, things can go wrong. Some of these risks can be stress-tested while others are unpredictable, but a global macro trader should be as educated as possible on potential outcomes of any given trade.
The biggest advantage of systematic and high frequency strategies is that once the systems and algorithms are in place, the variables of human emotion and psychology are removed. Trading discretionary macro, on the other hand, requires having a stringent process to ensure that we avoid our human impulses as much as possible. As mentioned before, all of these strategies can lead to profit, but it’s important for a trader to choose (and stick with) the strategy that feels most comfortable. For example, many people are skeptical of technical analysis; however, technicians can’t live without it since it gives them the discipline to know when to get in and out of positions. There is no right or wrong strategy when it comes to trading; it’s just important to figure out which one is the best for you and make sure your process is consistent.
The ability to take losses is one of the most important attributes a trader can have. In Reminiscences of a Stock Operator, Jesse Livermore says, “A loss never bothers me after I take it. I forget it overnight. But being wrong—not taking the loss—that is what does damage to the pocketbook and to the soul.”
The biggest advantage of systematic and high frequency strategies is that once the systems and algorithms are in place, the variables of human emotion and psychology are removed. Trading discretionary macro, on the other hand, requires having a stringent process to ensure that we avoid our human impulses as much as possible. As mentioned before, all of these strategies can lead to profit, but it’s important for a trader to choose (and stick with) the strategy that feels most comfortable. For example, many people are skeptical of technical analysis; however, technicians can’t live without it since it gives them the discipline to know when to get in and out of positions. There is no right or wrong strategy when it comes to trading; it’s just important to figure out which one is the best for you and make sure your process is consistent.
The ability to take losses is one of the most important attributes a trader can have. In Reminiscences of a Stock Operator, Jesse Livermore says, “A loss never bothers me after I take it. I forget it overnight. But being wrong—not taking the loss—that is what does damage to the pocketbook and to the soul.”
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