- First things first
- Do you really want to trade?
- Examine your motives
- Why do you want to trade?
- Don’t trade for excitement.
- Match the trading method to your personality
- Choose a method congruent with your personality and comfort
- It is absolutely necessary to have an edgeDerive a method
- MUST HAVE
- Developing a method is hard work
- Skill versus hard work
- Good trading should be effortless
- Be in sync with market
- Money Management and risk control
- 1-2% AUM
- The trading planDiscipline
- Draw up trading blueprint/business plan
- Understand that you are responsibleThe need for independence
- your choices led to your results
- Confidence
- Losing is part of the game
- Lack of confidence and time-outs
- The urge to seek adviceThe virtue of patience
- Get out of trade if you need an opinion
- The importance of sittingDeveloping a low risk idea
- “Be right and sit tight”
- The importance of varying bet size
- Scaling in and out of trades
- Being right is more important that being a genius
- Go for consistency trade-to-trade, not perfection
- Don’t worry about looking stupidSometimes action is more important that prudence
- Don’t talk about your position
- Catching part of the move is just fine
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