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I like the distinction between risk management and the romantic notion of betting it all and winning big. I see the same pattern in other areas as well, e.g. developers who focus on automated testing and other who think it is heroic to modify production code at 2:00 am. I think of it as the cowboys versus the tax accountants.



I actually thought about making that analogy, but it seemed unnecessary as the analogs are just so common.

Though, one thing I think is a bit unique to trading is prevalence of folks who preach without practicing. Just about anyone with a brokerage account can rattle off the same short list of critical do's and don'ts, but very few actually follow them.

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