The 15 Best Things Paul Tudor Jones Has Ever Said About Trading "The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge." "Intellectual capital will always trump financial capital." "The concept of paying one-hundred-and-something times earnings for any company for me is just anathema. Having said that, at the end of the day, your job is to buy what goes up and to sell what goes down so really who gives a damn about PE's?" (P/E is price to earnings ratio.) "Every day I assume every position I have is wrong." "Losers average losers." "There is no training, classroom or otherwise, that can prepare for trading the last third of a move, whether it's the end of a bull market or the end of a bear market." “You adapt, evolve, compete or die.” "Trading is very competitive and you have to be able to handle getting your butt kicked." "If trading is like chess, then macro is like three-dimensional chess." “The whole world is simply nothing more than a flow chart for capital.” "Failure was a key element to my life’s journey." "Where you want to be is always in control, never wishing, always trading, and always, first and foremost protecting your butt." “After a while size means nothing. It gets back to whether you’re making 100% rate of return on $10,000 or $100 million dollars. It doesn’t make any difference.” “I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms." "At the end of the day, the most important thing is how good are you at risk control." TraderPaul Tudor Jones.... http://video.sina.com.cn/v/b/114542530-1500481971.html
76年进入NYC stock exchange trading floor as a 职员，后成为股票经纪人。到1980年，在稳定获利两年半后感觉到经纪人是一非常乏味的工作。Paul 申请哈佛商学院获得录取。报道前改变主意。“就我所干的活而言，商学院能教我什么呢？商学院可不教交易技术。”同年他转做棉花期货，成为一个NYC 期货 floor trader . Paul 引起人们注意并不在于他做棉花期货的3年半里赚了几百万，而在于他稳定获利的交易能力。3年半的时间里，他只有一个月出现过账面亏损。 1983年, Paul创立Tudor Investment 对冲基金。以后，Paul集中于stocks intex futures trading. 1987年，Paul Tudor Jones 成功预见到黑色星期5的市场崩溃并在之前大举做空而成名。 2007年，福布斯排名他为全球第369位最富的人。 2009年，他的财产估计为$63 亿美元。 赚钱助穷人与贫穷斗争是Paul Tudor Jones 的生活目标。他成立的Robin Hood Foundation是纽约著名的慈善基金。 Jones 的交易风格与信念：Jones 的交易风格与信念：反传统，反趋势的交易者，善于抓住底部和顶部的转折点。 精于 Elliott Wave Theory. As reported in Market Wizards , Jones futures trading style and beliefs are summarized as follows : Contrarian attempt to buy and sell turning points. Keeps trying the single trade idea until he changes his mind, fundamentally. Otherwise, he keeps cutting his position size down. Then he trades the smallest amount when his trading is at its worst. Considers himself as a premier market opportunist. When he develops an idea he pursues it from a very-low-risk standpoint until he has been proven wrong repeatedly, or until he changes his viewpoint. Swing trader, the best money is made at the market turns. Has missed a lot of meat in the middle, but catches a lot of tops and bottoms. Spends his day making himself happy and relaxed. Gets out if a losing position is making him uncomfortable. Nothing’s better than a fresh start. Key is to play great defense, not great offense. Never average losers. Decreases his trading size when he is doing poorly, increase when he is trading well. He has mental stops. If it hits that number, he is out no matter what. He uses not only price stops, but time stops. Monitors the whole portfolio equity (risk) in realtime. He believes prices move first and fundamentals come second. He doesn’t care about mistakes made 3 seconds ago, but what he is going to do from the next moment on. Don't be a hero. Don't have an ego. Always question yourself and your ability. Don’t ever feel that you are very good. The second you do, you are dead. 视频：Trader -- Paul Tudor Jones http://video.sina.com.cn/v/b/114542530-1500481971.html
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