11 things I learned from the Unknown Market Wizards | Traders Improved (#166)

<p>The 11 quotes from the podcast:</p> <p> </p> <p>1. “Music is the space between the notes,” because an analogous statement about trading—Trading is the space between trades.</p> <p> </p> <p>2. There are two parts to a trade: direction and timing. And, if you’re wrong about either one, you’re wrong on the trade.</p> <p> </p> <p>3. You have to have an edge to make money, and a chart pattern does not give you an edge. </p> <p>4. Don’t trade so large that fear dominates your trading.</p> <p> </p> <p>5. Impulsive trades are often triggered by impatience—an urge to do something while you are waiting for a trade that legitimately meets your criteria. The market rewards patience and trades borne of impatience are usually detrimental.</p> <p> </p> <p>6. If a trade is not acting as expected, cut losses immediately.</p> <p> </p> <p>7. If you ever find yourself in a trade based on hope, get out. You need conviction, not hope, to stay in a trade.</p> <p> </p> <p>8. Learning from mistakes is how you become a better trader.</p> <p> </p> <p>9. After taking a loss—particularly a substantial loss—it is common for traders to experience a compulsion to try to quickly make money back in the same market. Resist this temptation!</p> <p> </p> <p>10. Don't ever listen to anybody when you are in a position. Stick to your own approach and avoid being influenced by contradictory opinions.</p> <p> </p> <p>11. After you get out of a trade, whether it made or lost money, you have to forget about it like that [he snaps his fingers]. </p> <p>Link to the book on Amazon: <a href='https://www.amazon.com/Market-Wizards-Traders-Youve-Never/dp/B08F2Y6BD6'>https://www.amazon.com/Market-Wizards-Traders-Youve-Never/dp/B08F2Y6BD6</a></p> <p> </p> <p>Connect with me</p> <p>My website: <a href='https://tradeciety.com/'>https://tradeciety.com/</a></p> <p>My YouTube channel: <a href='https://www.youtube.com/tradeciety'>https://www.youtube.com/tradeciety</a></p> <p> </p> <p> </p> ► Risk Discla