The more I trade, the more convinced I get that the most improvements in performance come not from discovering some brilliant strategy or even in it's execution but from cutting down common mistakes- most of which are common too and well documented for most Traders
Despite being aware of it and working on it for ages, my biggest flaw remains letting the losses in a few of my Trades run too far. These mistakes are not many but they still end up dragging my Performance by a few percentage points.
Yet I find many Traders seem to wear some large losses as a 'badge of honor'. Something that must be tolerated in the quest for possible gains. Who knows- it may actually work for them. Personally I would like to get out with a small loss than hang on in the hope of a larger gain
Your job as a Trader is not to take large losses in search of the elusive bigger gain. Your job is to take as Profit the large losses that the other poor sob is willing to take in search of the bigger gain- with apologies to Gen George S Patton
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