I dedicated 37 years to learning and perfecting the craft of stock trading. If there was a way around risk management, I probably would have found it. PhDs, Nobel prize winners and geniuses haven't been able to do it. Your losses must be managed smaller than your gains.. period.
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Stay in your own lane and perfect what you know. Realize that every strategy has strengths and weaknesses; there is no perfect strategy. But once you know all the pros and cons you can perfectly execute your strategy... and that's the goal.
I don't know shit about 99% of the stock trading strategies out there... but I know everything about my strategy. And that's all I need to know. I realized long ago, you can't be good at everything. I'm an expert because I chose to specialize. pic.twitter.com/uG7gWwhsjs
— Mark Minervini (@markminervini) March 28, 2021
Visualize what you expect to happen and how you will react. More importantly.. see in your mind what can go wrong and how you will react. Make this routine contingency planning.
According to your 3rd book, could you please explain how to practice visualization in trading? @markminervini
— KoRn (@kornkonthorn) July 24, 2021
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MDZS is laden with buddhist references. As a South Asian person, and history buff, it is so interesting to see how Buddhism, which originated from India, migrated, flourished & changed in the context of China. Here's some research (🙏🏼 @starkjeon for CN insight + citations)
1. LWJ’s sword Bichen ‘is likely an abbreviation for the term 躲避红尘 (duǒ bì hóng chén), which can be translated as such: 躲避: shunning or hiding away from 红尘 (worldly affairs; which is a buddhist teaching.) (https://t.co/zF65W3roJe) (abbrev. TWX)
2. Sandu (三 毒), Jiang Cheng’s sword, refers to the three poisons (triviṣa) in Buddhism; desire (kāma-taṇhā), delusion (bhava-taṇhā) and hatred (vibhava-taṇhā).
These 3 poisons represent the roots of craving (tanha) and are the cause of Dukkha (suffering, pain) and thus result in rebirth.
Interesting that MXTX used this name for one of the characters who suffers, arguably, the worst of these three emotions.
3. The Qian kun purse “乾坤袋 (qián kūn dài) – can be called “Heaven and Earth” Pouch. In Buddhism, Maitreya (मैत्रेय) owns this to store items. It was believed that there was a mythical space inside the bag that could absorb the world.” (TWX)
1. LWJ’s sword Bichen ‘is likely an abbreviation for the term 躲避红尘 (duǒ bì hóng chén), which can be translated as such: 躲避: shunning or hiding away from 红尘 (worldly affairs; which is a buddhist teaching.) (https://t.co/zF65W3roJe) (abbrev. TWX)
2. Sandu (三 毒), Jiang Cheng’s sword, refers to the three poisons (triviṣa) in Buddhism; desire (kāma-taṇhā), delusion (bhava-taṇhā) and hatred (vibhava-taṇhā).
These 3 poisons represent the roots of craving (tanha) and are the cause of Dukkha (suffering, pain) and thus result in rebirth.
Interesting that MXTX used this name for one of the characters who suffers, arguably, the worst of these three emotions.
3. The Qian kun purse “乾坤袋 (qián kūn dài) – can be called “Heaven and Earth” Pouch. In Buddhism, Maitreya (मैत्रेय) owns this to store items. It was believed that there was a mythical space inside the bag that could absorb the world.” (TWX)