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I was pleased to find this board in my wanderings, but it now looks as though I must contribute in order to have something to read here.

I was taught to understand risk through my losses. The lesson was good, as I now am growing into a position of greater and greater immunity from the vagaries of risk. I feel that the best protection against taking a hammering from high-risk investments gone awry is correct money management. We must develop the ability to absorb our losses instantly, and prepare for the next step on the road up.

Risk is such a simple concept, and I can only agree with the previous poster who stated that life is about managing risk, not trying to eliminate it. When using the analysis of the probability of success or failure, and calling it risk, we must manage our money in a manner which allows for regular failure, but greater success.

That is the challenge that drives the great speculators, greed drove the losers.
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