Margin of Pain

Author

Ghost

May 28 Jack Schwager and the Winning Trade That Teaches Nothing Jack Schwager's FundSeeder interview turns into a simple journal rule: do not grade the trade by the money first. May 28 Ed Seykota and the Trade That Does Not Care If You Are Right Ed Seykota made trend following sound simple, then spent years pointing at the part traders avoid: the feeling that makes them break the rule. May 27 Larry Williams Is Still Buying The Breaks Larry Williams' latest StockCharts appearance is openly bullish: no bear market, stocks higher, buy breaks. The trade is in the pullback, not the applause. May 27 The Turtle Rule Was Not The Breakout The famous Turtle entry gets all the attention. The trade only worked because size, volatility, exits, and boredom were part of the rulebook. May 26 The Stop Has To Be Where The Trade Is Wrong A useful stop is not the nearest painless number. It is the place where the trade has stopped being the trade. May 26 Linda Raschke and the Trade Small Enough to Repeat Linda Raschke's best lesson is not a setup. It is the desk work of keeping losses small enough that the next trade is still available. May 26 Archegos and the Position No One Could See Archegos did not need a famous fund, a public portfolio, or a complicated story. It needed banks looking at their own slice while the same trade grew everywhere else. May 26 XIV and the Product That Shorted Panic XIV did not fail because volatility rose. It failed because the product was built to give inverse daily exposure to a market that can jump faster than holders can react. May 26 Knight Capital and the Trade Nobody Put On Knight Capital did not lose $460 million because a trader made a bad call. The position came from code, stale controls, and a system that stayed connected too long. May 25 Paul Tudor Jones and the Moment Risk Becomes Tradeable Paul Tudor Jones is still a trader first. His new interview is a reminder that a warning is not a trade. May 25 Larry Williams and the Problem With a Record Year Larry Williams is famous for turning a small futures account into a contest legend. The more useful story is what that record does not teach. May 24 Stanley Druckenmiller and the Art of Waiting A source-led dossier on Stanley Druckenmiller, patience, position sizing, asymmetric trades, and why his method is easy to admire but dangerous to copy.