333 · Tim Furey - Why Defense, Not Offense, Makes You a Profitable Trader

Furey's core trading lesson: survival and long-term profitability come from strict loss limits, not chasing gains.

• Defense before offense: Furey's CBOT clearing firm suspended traders for losing more than 10 ticks on a trade, teaching him to only enter positions with a guaranteed exit ('the power of the lean').
• Career arc: Merrill Lynch's youngest commodity broker hire in ~40 years, then CBOT floor market maker in the late 1990s, then prop trader at Schoenfeld post-9/11.

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