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No one knows how high or how low a market will go. No one knows when a market will move. You can’t undo the past, and you can’t predict the future. Prices, not traders, predict the future.
Losses are a cost of doing business. No one can be right all the time. No one can make money all the time. Trend followers expect and handle losses with objectivity and detachment. If you don’t have losses, you are not taking risks. If you don’t risk, you won’t win.
When I spoke with Henry’s president, he offered insight regarding all aspects of their trading business:
• “We stick to our knitting.”
• “Most people don’t have the discipline to do what they need
to do.
• “We like to keep it sophisticatedly simple.”
• “Our best trading days are when we don’t trade.”
• “We make more money the less we trade.”
• “Some of our best trades are when we are sitting on our hands
doing nothing.”
• “We don’t want to be the smartest person in the market. Trying
to be the smart person in the market is a losing game.”
Seykota gives visitors ample amounts of wisdom and whimsy in answers to the emails he receives on his website. Here are some examples of Seykota’s “clear” responses, selected by both him and us from his website:
“To avoid whipsaw losses, stop trading.”
Lesson: You will have losses. Accept them.
“Here’s the essence of risk management: Risk
Vince Lombardi
The difference between a successful person and others is not a lack of strength, not a lack of knowledge, but rather a lack of will.
Parker: “A key to successful traders is their ability to leverage investments…many [traders] are too conservative in their willingness to leverage.”
Parker: “A lot of traders as well as clients don’t like trend following. It’s not intuitive, not natural, too long term, not exciting enough.”
Parker: “The market is never wrong.”