"Find the single best trade and hold it A trader at Tudor Investment Corp bought euro-dollar futures on January 2nd, 2001 — betting the Fed would cut rates far more than markets expected — then flew to his holiday home in Mallorca and refused to return to the office for months, eventually doubling his position when colleagues pressured him to reduce it, then closing the trade near its peak and retiring. Raoul Pal watched this unfold and identified the core discipline: "There is only one trade to do. The absolute clarity — there is only one trade to do — and I"m in my trade.' Most people dilute their highest-conviction opportunity by hedging it with a dozen smaller bets; this story shows that when the probability is strongly in your favor, concentration and patience beat active management. Source: Raoul Pal, Real Vision, Best and Worst Trades with Raoul Pal"