George Soros is famously known as the man who broke the Bank of England. His call on the British Pound (GBP) in 1992 reportedly made him a profit of $1 billion. He is also known for his business acumen, investment savvy and as a philanthropist.
But despite his success and track record as a trader and investor, the truth is Soros had his share of mistakes along the way. He may have made the single biggest profit in the trading world in 1992, but like all other traders, he had made some costly mistakes.
I am a true fan of this legendary trader – George Soros.
Today, I’d like to share with you a snippet of his wisdom which we carry through in the PsyQuation thought process:
- My approach works not by making valid predictions but by allowing me to correct false ones.
- I’m only rich because I know when I’m wrong… I basically have survived by recognising my mistakes.
- Once we realise that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.
- If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.
We may not all follow into his footsteps. And it may be a challenge putting into practice all his teachings, but being aware of what has guided him throughout the decades of being in the market, we may be able to get some benefits from learning the wisdom of Soros.
Need to recognise trading mistakes
At PsyQuation, we believe that as a human beings and as traders, we are bound to make mistakes. The PsyQuation alert system was built precisely to help traders avoid those costly but avoidable mistakes. And the system doesn’t stop there as it learns and improves as it gathers information about your trading habits and activities.