“I Have No One To Blame But Myself”

I’m traveling next week, so I’ll leave you with this bit of meta-wisdom, from Enis Taner:

“That’s where I’ve done poorly in the past 2 weeks.  My losses are larger than they should be for a losing period, and I have no one to blame for that but myself.  Not evil conspirators, not central bankers, and not Mr. Market.  Effective risk management is so useful precisely because it allows a trader to be successful no matter the market environment, no matter the news.  I might have a view on what I think could happen, but managing the position well is much, much more important than whether that view turns out to be correct or not.
So I’ll take my losses, and take it as a costly lesson in risk management once again.  Rather than good luck, I wish you good risk management.”

I could comment, but I think I”ll let Taner’s quote just stand on its own merit instead of belaboring the point.

Rather Than Good Luck I Wish You Good Risk Management

-KD

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