- There is no single true path.
- The universal trait is discipline.
- Trade your personality.
- Failure and perseverance are part of every successful trader’s life.
- Great traders are flexible.
- It takes time to become a successful trader.
- Keep a record of your market observations.
- Develop a trading philosophy.
- What is your edge? Big picture tech, change, on the cusp, understand big trend before others, shifts.
- Confidence is important, and you build it from hard work.
- Hard work.
- Obsessiveness.
- Market wizards are innovators, not followers.
- To be a winner you have to be willing to take a loss!
- Risk control. Stop-loss, or reducing position size, limit initial position size, short selling.
- You can’t be afraid of risk
- Some limit downside by focusing on undervalued stocks. (but still can drop.)
- Value alone is not enough. Need catalysts.
- The importance of catalysts.
- Focus not only on when to get in, but when to get out
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