Andreas Clenow

“How to Make Money in the Markets In closing of this book, I’d like to reiterate a point that I try to make when speaking at conferences around the world. Most people who want to make money from the financial markets have misunderstood where the real money is. And it’s not in trading your own account. Extremely few people have ever become financially independent by trading their own account. You become financially independent by trading other people’s money. The gist of this argument is that if you trade your own money, you have a limited upside and take all the risk. A highly skilled professional trader is likely to see returns in the range of 12-18% per year over time, with occasional drawdowns of about three times that. Expecting triple digits returns with low risk is not grounded in reality. However, if you trade other people’s money, perhaps along with your own, you have a near unlimited upside and a limited downside. You can scale up by managing more money, multiplying your income potential. In comparison, the decision to manage only your own money amounts to a poor trading decision.”
― Andreas Clenow, Trading Evolved: Anyone can Build Killer Trading Strategies in Python