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Key Points

  • Trend followers always prepare for drawdowns after strong periods of performance.

  • An absolute return strategy means you are trying to make the most money possible.

  • The fact that markets are volatile (go up and down) is not a problem. The problem is you if that volatility scares you.

  • Trading is a zero-sum game in an important accounting sense. In a zero-sum game, the total gains of the winners are exactly equal to the total losses of the losers.


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