Druckenmiller talks about drawdowns: If the reason for buying a stock no longer holds, you must decisively sell it regardless of how much you lose

One of today's greatest traders, "Soros' comrade" Stanley Druckenmiller, recently stated in an interview that he also feels anxious and uneasy in the face of significant drawdowns, even if those losses only involve his own money.

However, he learns from the drawdowns. If the reason for buying a particular stock no longer holds, he will sell it without hesitation, regardless of how much he has lost.

Soros is the same way; I didn't learn this from him, but it has indeed been reinforced. After a while, you develop enough confidence. You are not afraid to wipe out the past and start over. Because you are confident that you will succeed again,

you won't sit idly by, nor will you continue to hold positions that no longer make investment sense. If you have been doing this for decades and it has been fruitful, you will have the confidence to take losses and not worry too much once you exit.

Druckenmiller said that the most important lesson he learned from Soros is to be clear about how much to make at the right time and how much to lose when making mistakes, rather than simply avoiding drawdowns.