Trading Lessons from Best Traders

By | November 28, 2014 3:43 pm

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 !

Category: Trading Psychology

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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