Unknown Market Wizards
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.