The Market is Always Right by Thomas A. McCafferty is the latest trading book I am reading.
I was pleased to FINALLY see something I have been telling people put in a book.
To quote:
Successful traders, contrary to popular fiction, tend to be conservative risk takers. This may sound like an oxymoron, but it isn't. The true art of trading is discovering how to get an edge on the market you trade. How can you put the odds, even if ever so slightly in your favor? The trader who does not do this is a gambler. That is the difference between trading and gaming.
I cannot stand gambling and I find nothing amusing about people flippantly comparing it to gambling. It is calculated controlled risk. You cannot control the inherent risk when you drive your car everyday, but YOU CAN control your risk on every trade.
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