1â£How to win at this game
1. Objectively identify your edge
2. Predefine the risk of every trade
3. Accept the risk or let go
4. Act on your edges without hesitation
5. Continually monitor susceptibility for making errors
6. Never violate these principles
1. Objectively identify your edge
2. Predefine the risk of every trade
3. Accept the risk or let go
4. Act on your edges without hesitation
5. Continually monitor susceptibility for making errors
6. Never violate these principles
2â£A probabilistic mindset
1. Anything can happen
2. You donât need to know what is going to happen next in order to make money
3. There is a random distribution btw wins and losses
4. An edge is just an indication of a higher probability of one thing happening over another.
1. Anything can happen
2. You donât need to know what is going to happen next in order to make money
3. There is a random distribution btw wins and losses
4. An edge is just an indication of a higher probability of one thing happening over another.
3â£The role of your mind
âYou create your own game in your mind based on your beliefs, intents, perception and rules.â
âYou create your own game in your mind based on your beliefs, intents, perception and rules.â
4â£Acceptance
If the information the market generates doesnât cause you emotional pain, thereâs nothing to avoid.
It is just information, telling you what the possibilities are.
This is called an objective perspectiveâone that is not skewed or distorted by what you are afraid."
If the information the market generates doesnât cause you emotional pain, thereâs nothing to avoid.
It is just information, telling you what the possibilities are.
This is called an objective perspectiveâone that is not skewed or distorted by what you are afraid."
5â£The winners
âThe winners have attained a mindset that allows them to remain disciplined, focused, and, above all, confident in spite of the adverse conditions.
As a result, they are no longer susceptible to the common fears and trading errors that plague everyone else.â
âThe winners have attained a mindset that allows them to remain disciplined, focused, and, above all, confident in spite of the adverse conditions.
As a result, they are no longer susceptible to the common fears and trading errors that plague everyone else.â
6â£Risk-taker
"There is a huge psychological gap between assuming you are a risk-taker because you put on trades and fully accepting the risks inherent in each trade.
When you fully accept the risks, it will have profound implications on your bottom-line performance.â
"There is a huge psychological gap between assuming you are a risk-taker because you put on trades and fully accepting the risks inherent in each trade.
When you fully accept the risks, it will have profound implications on your bottom-line performance.â
7â£Results expectation
âWe have to be careful about what we project out into the future, because nothing else has the potential to create more unhappiness and emotional misery than an unfulfilled expectation.â
âWe have to be careful about what we project out into the future, because nothing else has the potential to create more unhappiness and emotional misery than an unfulfilled expectation.â
8â£Market analysis is not the key
âHowever, market analysis is not the path to consistent results.
It will not solve the trading problems created by lack of confidence, lack of discipline, or improper focus.â
âHowever, market analysis is not the path to consistent results.
It will not solve the trading problems created by lack of confidence, lack of discipline, or improper focus.â
In summary:
1â£How to win at this game
2â£A probabilistic mindset
3â£The role of your mind
4â£Acceptance
5â£The winners
6â£Risk-taker
7â£Results expectation
8â£Market analysis is not the key
1â£How to win at this game
2â£A probabilistic mindset
3â£The role of your mind
4â£Acceptance
5â£The winners
6â£Risk-taker
7â£Results expectation
8â£Market analysis is not the key
If you like this content, please share the very first tweet and make sure to follow @tradingandbooks.
By the way, for more content like this about lessons/quotes from the best #trading books, check this growing library ð
By the way, for more content like this about lessons/quotes from the best #trading books, check this growing library ð
Loading suggestions...