I will not say I was ever formally given this advice but I have certainly learned it (sometimes painfully) over the years and I am happy to pass it on: "Over-leverage is to trading what bullets are to Russian roulette." Contrary to popular belief, Russian roulette is one of the safest pastimes known to man. The only issue with Russian roulette is the bullets. People will insist on putting bullets in the revolver and this makes a perfectly safe pastime really quite "iffy" in the survival stakes.
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