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Unknown Market Wizards

Conclusion

The interviews from the eleven traders impart meaningful lessons for all traders. It reflects the basic market truth irrespective of a methodology or a time period. To summarize, the key lessons are:

 

  • There is no single true path.
  • Know your edge and find a trading process that suits your personality.
  • Keep a trading journal, categorize your trades & learn from your past mistakes.
  • Set meaningful stops because risk management is important.
  • Stick to your methods and don’t speculate with loss.
  • Take large positions on high conviction trades but don’t make it so large that fear dominates you.
  • There is no place for hope in trades.
  • Human emotions are dangerous in trading.
  • Don’t exit the entire position at the target profit.
  • Beware of sloppy trading after a big win.
  • Flexibility is a trait and not a flaw.
  • Being profitable v/s being right.
  • Commitment, patience, and responsibility for your trades is a must.
  • Trading for a living is hard.

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Units 13/13