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— Bruce Kovner"Whenever I enter a position, I have a predetermined stop. That is the only way I can sleep. I know where I'm getting out before I get in. The position size on a trade is determined by the stop, and the stop is determined on a technical basis... I never think about [stop vulnerability], because the point about a technical barrier - and I've studied the technical aspects of the market for a long time - is that the market shouldn't go there if you are right."
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Ever wonder why people are so determined to reach for white picket fences, supposed normalcy, a nuclear family? Well, try growing up without one.
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Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong, not at a point determined primarily by the maximum dollar amount you are willing to lose
— Bruce Kovner
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