1987 10 months, most investors in the world suffered heavy losses. In the same month, the Tudor Fund in Paul Tudor Jones gained 62% of the income. Jones's outstanding performance is consistent. Three-digit growth for five consecutive years. 1at the end of 992, the European monetary system was in crisis, and Jones made a profit of more than one billion dollars in the foreign exchange market within a few months. Jones started as a broker, starting with 1976, and earned more than1000000 dollars in commission in the second year. 1980, Jones went to new york cotton exchange to do spot trading, and earned tens of millions in a few years. Jones left the exchange on 1984 to set up Tudor Fund, with a start of10.5 million yuan. Four years later, every 1000 dollars invested in his fund has increased to more than 1700 dollars. By the end of 1992, the total amount of Tudor Fund had increased to $6 billion. If Jones didn't stop accepting new investments and start distributing profits at the end of 1987, then 6 billion would be impossible.

Jones's trading career was not smooth sailing. 1979 He tried to be brave at the moment and entered too many orders at one time. As a result, he suffered a daily limit, and when the liquidation order appeared, the capital loss reached two-thirds. He was so depressed that he almost lost confidence in himself and almost changed careers. Since then, he has learned to control risks and abide by principles.

Jones' order is a new starting point every day. What I earned yesterday is the past tense, and today I will start from scratch. The monthly loss cannot exceed 10% at most. Jones can lose money for more than ten months at his convenience. Three-digit annual growth rate is common to him. Because of proper risk control, Jones's fund can still make a profit even if its analysis and judgment are wrong. 1at the beginning of 992, Jones thought that the interest rate cut in the United States had come to an end, the interest rate in Europe would fall, and the narrowing of the spread between Europe and the United States would reverse the weakness of the dollar. Tudor fund therefore entered the market and bought a lot of dollars. It went well at first, and the dollar really strengthened by hundreds of points. However, the news of the economic downturn in the United States soon spread frequently, and the dollar fell sharply against European currencies until it reached the lowest price in history. Jones cut the order in time after finding that the general trend was wrong, thus avoiding greater losses. At the same time, he waited patiently for the opportunity to recover his losses. At the end of the year, there was a crisis in the European monetary system, and currencies such as the pound and the Italian lira plummeted. Jones entered the market in time to sell foreign exchange and earned hundreds of millions of dollars in 1 month.