- Expect long hours of study and research. Assume you will lose money in the beginning.
- A person interested in becoming a trader must have the mindset of an entrepreneur. Risk, irregular income, and spending money to make money, are all part of the business.
- You must trade like a business person and not a gambler. Gamblers need not apply; go to Vegas instead.
- Risk management will be your priority. Too much risk exposure will eventually lead you to be an unemployed trader with no trading capital.
- You are your own human resource department. Be prepared to manage your own greed and fear.
- To keep your morale up, you must keep all your losses small, and allow your winning trades to be as large as possible.
- Jesse Livermore’s quote for potential candidates: “The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance, or the get-rich-quick adventurer. They will die poor.”
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