Author Topic: 23 lessons from Stock Market Wizards (in no order of importance):  (Read 383 times)

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GreenMoney

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23 lessons from Stock Market Wizards (in no order of importance):

1. Successful trader use trading methods that suit their personality
2. You can't control what the market does, but you can control your reaction to the market
3. To be a winner, you have to be willing to take a loss
4. HOPE should never be in your vocabulary
5. If you are on a losing streak, reduce your position size
6. Don't underestimate the time it takes to succeed as a trader
7. Approach trading as a vocation, not a hobby
8. Have a business / trading plan
9. Be honest about your weakness and DEAL with it
10. Know when to do nothing
11. Being a great trader is a process. It's a race with no finish line.
12. Never ever listen to other opinions. Make your own trading decisions
13. Analyze your past trades. Study what happened to the stocks after you closed the position
14. Don't take on excessive leverage. It only takes one mistake to knock you out of the game
15. Great traders continue to learn and adapt
16. Don't just stand there and let the truck roll over you
17. Being wrong is acceptable, but staying wrong is totally unacceptable
18. Contain your losses
19. Good traders manage the downside; They don't worry about the upside
20. Wall street research reports will tend to be biased
21. Knowing when to get out of a position is as important as when to get in
22. To excel, you have to put in hard work
23. Discipline, Discipline, Discipline!!!

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