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Global Macro Trading: Profiting in a New World Economy by Greg Gliner

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Chapter 2Trading Process, Sizing Trades, and Monitoring Performance

Regardless of what hedge fund strategy you are trading, there are implicit risks involved. The first rule in any kind of investing is to understand how much you stand to lose, rather than how much you stand to gain. Having a stringent trading process that fully accounts for risk is critical to a trader’s long-term success. Like the old adage about pilots says: “There are old and bold fighter pilots, but rarely both.” The inescapable fact is that any time a global macro trader puts a trade on, things can go wrong. Some of these risks can be stress-tested while others are unpredictable, but a global macro trader should be as educated as possible on potential outcomes of any ...

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