Be Quick To Attack, But Be Quicker To Defend!

Tony Robbins recently wrote an article to promote and outline his first book in 2 decades: “Money Master The Game”.  Contained within the article was the little gem of wisdom above in the quotes.

Somewhat modified from the Great Gretzky’s immortal line of going to were the puck will be.  I have not yet read his book, but certainly plan to as he interviewed most of the billionaires on Wall Street to write it.

The fact is, that in my experience both in testing and trading, it’s really important to anticipate before the majority of other people do.  While protecting yourself, not only in terms of diversification as eluded to above, but also in the necessary action of taking small losses when you are wrong.  My entire trading system can be described in this very sense.

I am a trend trader, but I anticipate the trend before they actually show up, it takes courage to do that, and not just sometimes, but all the time.  To quote Tony Robbins once again, he wrote:

“As the 18th-century English nobleman Baron Rothschild put it, there is “blood in the streets” and everybody is desperate to sell. That’s when you pick up the best bargains. John D. Rockefeller also built his massive fortune on this notion.”

Buying shortly after heavy selling is counter-intuitive for most, in fact people say that trying to buy the bottom and sell the top is foolhardy. However, I say it is essential and should be the obsession of every trader that ever wishes to be among the elite.  It will remain my obsession as long as I breath…I must anticipate AND be quick to defend.  Isn’t that also the secret to the most successful sports teams whether it be football, soccer, basketball or hockey, be quick to attack, but be quicker to defend!

Market News:

The US market was closed due to Martin Luther King, Jr. Day.