Paul Tudor Jones

Jones est l'un des Market Wizards interviewés par Schwager dans son premier tome. Son style est à contre-tendance et court terme.

The most important rule of trading is to play great defense, not great offense. Every day I assume every position I have is wrong. I know where my stop risk points are going to be. I do that so I can define my maximum possible drawdown. Hopefully I spend the rest of the day enjoying positions that are going in my direction. If they are going against me, then I have a game plan for getting out.
Paul Tudor Jones

Quelques extraits de son interview :

One of my strengths is that I view anything that has happened up to the present point in time as history. I really don't care about the mistake I made three seconds ago in the market. What I care about is what I am going to do from the next moment on. I try to avoid any emotional attachment to the market. I avoid letting my trading opinions be influenced by comments I may have made on the record about the market.
Paul Tudor Jones

Ses conseils aux débutants :
  1. Don't ever average losers.
  2. Decrease your trading volume when you are trading poorly; increase your volume when you are trading well.
  3. Never trade in situations where you don't have control (key reports...)
  4. If you have a losing position that is making you uncomfortable...get out, because you can always get back in. There is nothing better than a fresh start.
  5. Don't be too concerned about where you got into a position... Always think of your entry point as last night's close... Who cares where I am long from. That has no relevance to whether the market environment is bullish or bearish right now, or to the risk/reward balance of a long position at that moment.
  6. 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... Always maintain your sense of confidence, but keep it in check.