"I always think about losing money as opposed to making money," he said.
"Back then, in that cotton trade, I had a vision of July going to 89 cents and I thought about all the money I was going to make on 400 contracts," he said. "I didn't think about what I could lose."After the trade, Jones was so beaten down that he almost threw in the towel. In the years following, Schwager said Jones went on to crush the market. His cotton trade served as a prime example of what could go wrong if position sizing and ego get the better of him.
Without further ado, here are the seven trading rules that Jones lives by. All quotes are from Jones.2. "Decrease your trading volume when you are trading poorly; increase your volume when you are trading well."For context, Jones says he never makes big trades before the release of "key reports."
Golden rules to live by
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