The lesson that took years to internalize: volatility is not noise, it is information. In 2011, I watched traders panic at 80% drawdowns thinking the cycle had ended; in 2018, the same pattern repeated; in 2022, again. The pattern persists because human time preference hasn't changed, but those who learned to read cycle depth rather than react to daily swings accumulated through five separate bear markets. The internalization wasn't intellectual—it was visceral, earned through watching the same lesson repeat across three decades of market structure.
J'aime
Commentaire
Partager
