1⃣Planning is the key
“It is hard enough to know what the market is going to do; if you don't know what you are going to do, the game is lost.”
“It is hard enough to know what the market is going to do; if you don't know what you are going to do, the game is lost.”
2⃣Defense over offense
“To help ensure success, practice defensive money management. A good trader watches his capital as carefully as a professional scuba diver watches his air supply.”
“To help ensure success, practice defensive money management. A good trader watches his capital as carefully as a professional scuba diver watches his air supply.”
3⃣Be aware of market threats
“Why do most traders lose?
Emotional and mindless trading are big reasons, but there is another. Markets are actually set up so that most traders must lose money. The trading industry slowly kills traders with commissions and slippage.”
“Why do most traders lose?
Emotional and mindless trading are big reasons, but there is another. Markets are actually set up so that most traders must lose money. The trading industry slowly kills traders with commissions and slippage.”
4⃣“Better than average” is not good enough
“Being simply “better than average” is not good enough. You have to be head and shoulders above the crowd to win a minus-sum game.”
“Being simply “better than average” is not good enough. You have to be head and shoulders above the crowd to win a minus-sum game.”
5⃣Three components
“To win in the markets, we need to master three essential components of trading: sound psychology, a logical trading system, and an effective risk management plan.”
“To win in the markets, we need to master three essential components of trading: sound psychology, a logical trading system, and an effective risk management plan.”
6⃣The power of a trading diary
"You have to identify your weaknesses and work to change.
Keep a trading diary: write down your reasons for entering and exiting every trade. Look for repetitive patterns of success and failure.”
"You have to identify your weaknesses and work to change.
Keep a trading diary: write down your reasons for entering and exiting every trade. Look for repetitive patterns of success and failure.”
7⃣Master risk management
“A loser's true problem is not account size but overtrading and money mgmt.
He takes risks that are too big for his account size, however small or big. No matter how good his system may be, a streak of bad trades is sure to put him out of business.”
“A loser's true problem is not account size but overtrading and money mgmt.
He takes risks that are too big for his account size, however small or big. No matter how good his system may be, a streak of bad trades is sure to put him out of business.”
8⃣Beginners vs experts
“When a beginner wins he feels brilliant and invincible Then he takes wild risk and loses everything.”
“When a beginner wins he feels brilliant and invincible Then he takes wild risk and loses everything.”
In summary:
1⃣Planning is the key
2⃣Defense over offense
3⃣Be aware of market threats
4⃣“Better than average” is not good enough
5⃣Three components
6⃣The power of a trading diary
7⃣Master risk management
8⃣Beginners vs experts
1⃣Planning is the key
2⃣Defense over offense
3⃣Be aware of market threats
4⃣“Better than average” is not good enough
5⃣Three components
6⃣The power of a trading diary
7⃣Master risk management
8⃣Beginners vs experts
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By the way, for more content like this about lessons/quotes from the best #trading books, check this growing library 👇
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