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Stock Market Wizards

Wizard Lessons

The important traits and factors required for successful trading can be summed up as follows:

 

  • There is no single true path.
  • Be flexible and trade your personality.
  • Develop a trading philosophy and keep track of your market observations.
  • Patience, confidence, hard work, and risk control.
  • Be an innovator and not a follower.
  • Accept losses and limit downside.
  • Verify every fact yourself and set a goal.
  • Ego and emotions have no place in trading.
  • Use common sense and define high probability trades.
  • Pay attention to catalysts and insider information.
  • Popularity can destroy a sound approach.
  • Accept that it takes time to become a successful trader.

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Units 17/17