The markets are always changing, and the successful trader is one who can adapt. – George Soros.
Here are 3 Tips from George Soros on “How to build a good strategy” & how I apply them as a trader:
Be Contrarian.
Question, analyze, and then decide.
- Test popular market beliefs for validity
- Build distinctive strategies
- Develop your own unique insights
A profitable edge is built on not following the crowd
Stay Informed and Adapt.
- Develop a system for identifying trend changes
- Follow the price action
- Keep abreast of market changes
If you don’t adapt, you’ll risk large losses on your account
Incorporate Risk Management.
Every strategy needs a safety net.
- Use volatility based risk control
- Develop clear plans for exits
- Continuously monitor your trades
Risk management protects your account from large drawdowns
You can name the trade that hurt. Naming the habit behind it is the hard part. Find your blind spot in 3 minutes.
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