I think that this trader&#x27;s recovery had a lot more to do with skill than others are giving him credit for.  His key insight was the following:<p><i>&quot;It occurred to me that Mexico might be willing to restructure its deal—selling us back the option it owned, and buying a new one—in a way that would lock in billions of profits for the country, while giving me a much needed windfall too.&quot;</i><p>Many traders (especially inexperienced ones) suffer from a bias to sell their winners too quickly, so that they can lock in the satisfaction of making a winning trade.  By putting himself in the other side&#x27;s shoes, this trader was able to find one of the few ways out of his predicament.