“Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.” – Bruce Kovner
This is an immense important quote from Bruce Kovner. This quote says that he is often not able to predict the market even if he tries his best to do so. But he also says that he is OK with that because he will make back much more as soon as he is on the right side of the market.
I totally agree with him and with my own short term trading I do the same. Instead of trying to predict the next movement of the market I try to figure out what happens “if the market goes the predicted way”. Is it worth for me to risk my money? Will I be able to make much more compared to what I have to risk? These are the questions I can answer and these are the right questions to ask instead of “what will the market do tomorrow”.