No risk, no return.

This is life.

If you sit back and you wait, you might get lucky.

You might get a lottery ticket.

You might meet the next Warren Buffett.

Your neighbor might give you a chance to get in on something early that has no guarantee,

and you become a billionaire.

The odds of these things are not great. But if you adopt this no risk, no reward mindset,

you're not looking for perfection. You just keep trying consistently every day. What do I mean by trying? Trading a strategy that will not have a high percentage of winners, meaning you will take a trade, you will place a trade 60% of the time. You might be

taking a small loss. It goes nowhere. And you might get some winners 35, 40% of the time.

And those winners, they make up for all those losers you had before. And then, hopefully,

they give you some profit. That is the trend following mindset. It's the venture capital mindset.

It's the mindset of Jeff Bezos at Amazon. It's the mindset of any successful entrepreneur because prediction is shit.

Look, no risk, no return is not just a slogan. It is life. It is the markets. It is a fundamental rule. Before you could even get

into the fundamental rules of the strategy of trend following, you need to have a philosophical

fundamental rule. And that is no risk, no return. Look at something like micro strategy,

now renamed strategy. Look at that chart for the last 25 years. Two big ups. That first big up came way down. And then once,

Michael Saylor adopted a Bitcoin strategy.

His share price has gone to the moon again.

Now, were these two events separated by almost 20 years?

Predictable?

No.

...