Unknown Market Wizards

Module Units

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

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