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Three things I learned from Ray Dalio. Stay with us. We will be back soon. Good afternoon, traders. Stacy Burke from Stacy Burke Trading, and we have a winter morning in Perth today . As you can see, we don't get snow here. It's quite nice here. I am Canadian by birth and have lived here for almost 20 years, on and off.
The temperature drops to around 4 degrees in the morning, but I'm getting pampered because it's getting quite chilly here. So, three things I learned from Ray Dalio. If you don't know who Ray Dalio is, he runs Bridgewater Capital, the largest hedge fund in the world, and his personal fortune is around $15 billion.
And they seem to manage assets worth several hundred billion. I'm not sure. But Ray Dalio is extremely interesting to listen to. He is a genius. If you haven't seen his video on the basics of economics, search for it on Google. This is the best explanation of how the economy works, this mechanism. You should watch this.
This is a very powerful video. But first, mistakes and learning. You must be prepared for failure . There is no such thing as failure, unless it means the game is over. If you are a trader, mistakes are part of trading. Trading is risk management. You will be making many small bets and controlling the risks in all these transactions.
And when there is profit, you can increase positions and record successful transactions. So, we are talking about a positive mathematical expectation. So, a mistake only becomes a mistake when you can't learn anything from it. Truly bright, intelligent, and successful traders make mistakes, learn from them, improve, and do better the next time.
This is how success comes: they are constantly on the front lines, constantly inventing something new and don't listen to what others tell them. They take individual advice, but if you do what everyone else does, you will get what everyone else gets, which is most likely not what you are after. The second thing you can learn from Ray Dalio is that you need to understand how this mechanism works.
If you understand how the mechanism works, you can apply the process to profit from it. So, for us traders, it works like this : your trading plan should take into account all the intricacies of your timeframe, temperament, capital, position size, money management, your preference, how you implement it, and any factors that might prevent you from following this process flawlessly.
Therefore, every aspect of this trading system must be written down and formulated, because this is a business. This is a business plan that you apply to the market mechanism. And the third point is probably the most important: Ray Dalio mentions that Bridgewater has about 1,500 researchers working for him, they spend $100 million a year, but even they are not always right .
So my question to you is: What are you doing to be confident in your ability to compete in the marketplace with the best in the world who have better access to information? They have better equipment. They are probably better educated. Maybe they even work harder. Perhaps they were already outstanding specialists in many other fields.
So I ask you: What are you doing every day to not only improve, but also to remain competitive and succeed in this global economy and in world markets? So , traders, how successful can you become? If you haven't already , go to my homepage and download my seven-step daily routine for high-performing traders.
This will help you and I become the best traders and individuals we can be . So keep improving, traders. The whole world is in your hands. I wish you a great week, and may the markets be on your side. Hello traders, this is Stacy Burke from Stacy Burke Trading. If you haven't already , please go to my website, stacybertrading.com.
I create updates almost every day, and I would be happy if you would receive them. Just click on the blog. If you enter your name and email address, I will send you a free audio program: The Seven-Step Daily Routine for High-Performance Traders. This is fundamental knowledge for all traders in all markets.
It is designed to help traders master the market through discipline, confidence, and a winning mindset. I appreciate all your feedback and comments. As always, traders, stay disciplined, and let the markets be on your side.
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