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I am always suspect when someone says they only bet .5 % of their account a trade because I never hear this line of reasoning mention the correlation of their current positions.
As an extreme example it wouldn't make sense to say I only bet 1% per trade but right now I have 1% each long on ES, SPY, QQQ, NQ, YM and DIA. You can't just ignore the correlation of your bets if you are doing something like this.
Anyone who actually trades this way would figure out the importance of this correlation the first time they hit a bit of market turbulence.
Can you help answer these questions from other members on NexusFi?
He quoted Jack Nicklaus because the parallels to trading:
Jack Nicklaus speaking of Hale Irwin who was receiving a great prize:
"Hale Erwin is a great manager of himself and the course. "
and to anyone:
"Know who you are, play your game and believe in yourself."