It is all a game of risk management, mind, and a robust system. Everything else is just noise.
- Passion for trading, only passion can fuel the work ethic needed to do the hard work that leads to success.
- Goal oriented traders succeed, if you know why you are trading and where it leads you may just get there.
- Perseverance: It is hard to lose if you never quit.
- Resiliency: The ability to come back from losses may be the secret to trading success.
- Back testing systems and methods before trading them speeds up the learning curve and side steps a lot of learning through real losses.
- Understanding your edge and trading only with that edge is crucial to out performing the traders that lose money.
- Great traders understand that a winning system has to have either bigger wins than losses or a high winning percentage with controlled losses.
- Keeping losing trades as small as possible is essential for profitable trading along with leaving profitable trades unlimited to the upside when possible.
- Flexibility allows a trader to take what the market is giving while sticking to opinions can lead to huge losses.
- Disciplined use of a trading plan instead of emotions for trading is crucial for great trading.