Wisdom For Traders

Colm O’Shea, the great hedge fund manager of Comac Capital, has some words of wisdom for traders in Jack Schwager’s,  Hedge Fund Market Wizards.

George Soros has the least regret of anyone I have ever met.  Even though he will sometimes play up his public image as a guru who knows what is going on, it is no sense what he does as a money manager.  He has no emotional attachment to an idea.  When a trade is wrong, he will just cut it, move on, and do something else. 

- Colm O’Shea

About these ads
This entry was posted in Quote of the Day, Quotes, Technical Analysis and tagged , , , , . Bookmark the permalink.

3 Responses to Wisdom For Traders

  1. eah says:

    So Soros implements a stop. Good for him.

    Stop (loss) orders are usually recommended. Trouble is, they are tricky to set, and often end up ‘stopping’ you from making money, since some trades that are ‘wrong’ now are ‘right’ later.

    • macromon says:

      Thanks, eah. Is that you Ed H?
      Set those stops, not at pain thresholds, but levels that signal you were wrong in your view or reason for the trade…

      • eah says:

        Thanks, eah. Is that you Ed H?

        No.

        Sorry. Thought you were someone else with same initials and bent toward modern monetary theory.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s