Top traders don't predict.
They manage risk.

"I assume every position I have is wrong."

• Before the 1987 crash, he observed the fragility caused by "correlation breakdown" rather than relying on complex models.
• The first goal is not profit, but survival: strict stop losses, exit immediately if the market proves you wrong.

"Risk management is the most important thing to be well understood."

• Calculate potential loss before potential gain for every trade. Only take opportunities with high risk/reward ratios.
• Turn trading from "one-way gambling" into "structured probability" through multi-market diversification and hedging.

"You have to learn how to lose."

• Suffered devastating losses early on due to no stop losses, then ingrained discipline into her bones.
• Trend follower: Can endure boredom and hold firmly until the trend is negated by the market.

"The big money comes from the few best opportunities."

• Started with a few thousand dollars and grew to hundreds of millions, the key was patience and execution.
• Combination of system + intuition: Only bet big when certainty is high.

"I won by sitting on my hands."

• Strict daily trading plan: Stop trading immediately upon reaching profit target or loss limit.
• Knows when to rest and adjust psychologically, staying out of the market when conditions are unsuitable.