Do not pay attention to what people say, only to what they do, and how much of their necks they are putting on the line. - Nassim Nicholas Taleb

I will use statistics and inductive methods to make aggressive bets, but I will not use them to manage my risks and exposure. ...[A]ll the surviving traders I know seem to have done the same. ...[T]hey make sure the cost of being wrong is limited ...they know ...which events would prove their conjecture wrong and allow for it ...They would then terminate their trade. This is called a stop loss ...I find it rarely practiced.

If I could predict what my day would exactly look like, I would feel a little bit dead.

Freedom is always associated with risk taking, whether it leads to it or comes from it.