Maybe that is also why the bulk of the fund industry's results are so close together? - the only way one of them could have made extraordinary gains would have been through taking extraordinary risks.
Losing 10% of a $1.000 account is no big deal, but losing 1M of a 10M account is a very big deal. This is why pros don't take high risks.
I would never let my trading account grow to 10M. But if I had 10M to trade with and lost 10% of it I'd still be very happy. 'Course, if its 1M of someone else's money, then that's a big deal.
great topic and pointers by many which I read. As a broker who observed thousands of traders over the years, 95% of them are retail, I can say that the ones who DELEVERAGE the already highly leveraged futures trading, are the ones who have much higher success rate. On the professional side, most try to use close to zero delta strategies of diff. kinds and take very small risks % wise.