Опубликован Chuck LeBeau’s Bulletin 30: Second in a Series of Articles About Exits |
Part Two: The Money Management Exit
To trade futures and other leveraged investments without a money management stop is certain ruin. Well-known trader and author Victor Niederhoffer lost tens of millions of dollars of his clients money when he traded his fund down to zero and some twenty-million beyond. No surprise there. The inevitable outcome of an investment with this ill-fated trader was clearly determined years ago when Niederhoffer wrote:
I have never used stops, even to bail myself out. Somehow, having a fixed rule to exit provides my adversaries too great an advantage. Victor Niederhoffer, from The Education of a Speculator, page 376
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