Jack Schwager – Never Stay in a Position That Violates What You Believe In

<p><strong>BIO: </strong>Jack D. Schwager is a recognized industry expert on futures and hedge funds and the author of the iconic Market Wizards series, in which he interviewed about 70 trading legends of our time.</p><p><strong>STORY:</strong> Jack stayed too long in a position where his short was the strongest and his long the weakest, even though he knew this wasn’t the way to invest.</p><p><strong>LEARNING:</strong> Never stay in a position that violates something that you believe in. In every position, know where you’ll get out before you get in.</p><p>&nbsp;</p><blockquote class="ql-align-center"><strong>“A mistake is not a trade that loses money. It’s a trade where you did something that violated whatever your approach is that makes money over time.”</strong></blockquote><blockquote class="ql-align-center">Jack Schwager</blockquote><p>&nbsp;</p><h2>Guest profile</h2><p><a href="https://www.linkedin.com/in/jack-schwager-0aa0841/" rel="noopener noreferrer" target="_blank"><strong>Jack D. Schwager</strong></a> is a recognized industry expert on futures and hedge funds and the author of the iconic <a href="https://amzn.to/446DxWX" rel="noopener noreferrer" target="_blank">Market Wizards series</a> in which he interviewed about 70 trading legends of our time.</p><p>His most recent work in the series is <a href="https://amzn.to/3XArU8c" rel="noopener noreferrer" target="_blank"><em>Unknown Market Wizards</em></a>, published in November 2020. Previous books in the series include <a href="https://amzn.to/3O0fAuY" rel="noopener noreferrer" target="_blank"><em>Market Wizards (1989)</em></a><em>, </em><a href="https://amzn.to/3CY4lNa" rel="noopener noreferrer" target="_blank"><em>The New Market Wizards (1992)</em></a><em>, </em><a href="https://amzn.to/46uNbUW" rel="noopener noreferrer" target="_blank"><em>Stock Market Wizards (2001)</em></a><em>, </em><a href="https://amzn.to/3JHTb2C" rel="noopener noreferrer" target="_blank"><em>Hedge Fund Market Wizards (2012)</em></a><em>, and </em><a href="https://amzn.to/44fbep