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 !
Point 19 & 21 are very important
Point no 10 perfect shot all traders has to learn
oh it is very good for any stock trader be it intraday or positional trader.
Thanks Brameshji
bob