"I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms."
— Paul Tudor Jones
Meaning: Risk to reward is way more appealing at the turning points. Flows traders and global macro traders like PTJ do not follow trends that already are in play. They spot the change in trends with other "out-of-the-chart-factors", and jump in even before n a trend starts — giving them huge advantage in terms of risk management.