Survival compounds faster than speculation.
Most participants attempt to maximize return.
Only a Few attempt to optimize exposure.
A 30% drawdown requires a 43% recovery Whilst a 50% drawdown requires a100% !
This arithmetic alone separates the disciplined capital from emotional capital 💰
Professional operators predefine invalidation levels, adjust position size relative to volatility, and protect downside before seeking upside.
In speculative markets, intelligence is common.
Risk governance is rare.
The sustainable edge is not prediction.
It is preservation.