Roger takes the long way to remind people about position sizes and not making the big bet on any one position to protect your entire portfolio, but he does eventually make a good case. If you’re still trading after this disastrous year you’re either new to the markets or you already know this but it’s always good to be reminded because you are you own worst enemy when it comes to trading.

There will be a time again to push all your chips in and bet big but now is not that time. I’ve personally scaled back my initial entry in stocks way back. Partly because everything I seemed to trade wasn’t working in October and November and I had to develop a new approach, and the other reason was simply capital preservation.