Let me beat the dead horse.

Risk management.

But let's think about it from people who can't afford to be wrong even once.

Look, let's get one thing straight.

99% of what we've all been taught about risk management.

Feel good, corporate, poetry, bullshit by people who've never had their ass on the line.

I mean, maybe not even in a bar fight,

right? I'm going to share with you. Risk management systems reverse engineered from domains outside of trading where one screw up doesn't cost you a bonus. It costs lives, cities, spacecraft,

or championships. Let me phrase it to you this way. Trend following is financial trauma surgery with a Marine Corps mindset and a Formula One

trigger finger. Buckle up. Number one, U.S. Navy carrier landings at night. Think about landing

an F-18 on a boat, 30 knots in a storm,

zero visibility, deck pitching 20 feet. Success rate has to be 99.999%. How is that? The landing signal

officer has absolute authority to wave you off the instant any parameter is out of whack.

The pilot does not get a vote. Ego doesn't get a vote. Quote, I feel lucky tonight, end quote,

doesn't get a vote. Wave off equals immediate full throttle, gear up, no debate.

Trend following is your personal landing signal officer.

Sitting on the platform screaming, wave off the second prices close below blank.

You obey or you die.

When I say closes below blank, whatever that entry or exit signal is going to be.

I mean, it's all well understood and I help people learn,

but that is your landing signal officer, period. Number two, space flight with NASA. Test as you

fly, fly as you tested. Apollo 13, we've seen the films, almost killed three astronauts,

...