1. All successful traders use methods that suit their personality; You are neither Waren Buffett nor George Soros nor Jesse Livermore; Don’t assume you can trade like them.
2. What the market does is beyond your control; Your reaction to the market, however, is not beyond your control. Indeed, its the ONLY thing you can control.
3. To be a winner, you have to be willing to take a loss;
4. HOPE is not a word in the winning Trader’s vocabulary;
5. When you are on a losing streak — and you will eventually find yourself on one — reduce your position size;
6. Don’t underestimate the time it takes to succeed as a trader — it takes 10 years to become very good at anything;
7. Trading is a vocation — not a hobby
8. Have a business/trading plan;
9. Identify your greatest weakness, Be honest — and DEAL with it
10. There are times when the best thing to do is nothing; Learn to recognize these times
11. Being a great trader is a process. It’s a race with no finish line.
12. Other people’s opinions are meaningless to you; Make your own trading decisions
13. Analyze your past trades. Study what happened to the stocks after you closed the position. Consider your P&L game tapes and go over them.
14. Excessive leverage can knock you out of the game permanently
15. The Best traders continue to learn — and adapt to changing conditions
16. Don’t just stand there and let the truck roll over you
17. Being wrong is acceptable — staying wrong is unforgivable
18. Contain your losses
19. Good traders manage the downside; They don’t worry about the upside
20. Research reports are biased
21. Knowing when to get out of a position is as important as when to get in
22. To excel, you have to put in hard work
23. Discipline, Discipline, Discipline !