A Billionaire Trader’s Surprising Secret to Success

“The most important rule of trading is to play great defense, not great offense. Every day I assume every position I have is wrong. I know where my stop risk points are going to be. … If they are going against me, then I have a game plan for getting out.
“Don’t be a hero. Don’t have an ego. Always question yourself and your ability. …
“My guiding philosophy is playing great defense. If you make a good trade, don’t think it is because you have some uncanny foresight. Always maintain your sense of confidence, but keep it in check.”
Paul Tudor Jones II is one of the wealthiest men in the world. Forbes says he’s worth $4.6 billion. He started out as a broker in the late 1970s and earned $1 million in his second year on the job. He decided he wanted to be a self-reliant trader instead.
After paying his dues with some tough losses, he refused to quit on his dream and was soon making millions as a trader. He started his own hedge fund and has since made billions.


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