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DISCIPLINE AND CHARACTER

No amounts of academic credentials, trading experience, risk appetite, or entrepreneurialism can make up for a lack of discipline and poor character. The best-laid risk management plans will fail if they are not followed. When a trader is making money and is feeling confident, it is much easier for him, from an emotional perspective, to stick to his trading discipline. But when he starts losing money, starts nearing his stop loss levels, and starts to get worried about his job or the survival of his fund, his true character reveals itself. Most traders at one point in their career have either inflated their profits by marking their books egregiously or let their stop loss discipline slide a bit. Most of these traders had good character an....

  

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