The Importance of Managing Risk

If anybody takes a look at Japan for the last 30 years, you know, if you want to be a buy and hold guy, that might be the closest analogy as to where US markets will eventually be headed. But I think one of the big problems that traders have is that they put on a trade, it goes in their favor, and then suddenly they're like, oh, I got to get out of this thing. That's putting an artificial mechanism that cuts your profits. So don't cut the profits. Cut the losses. But let the profits run and let the market determine when it stops going down or up.

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