Wizard Lessons

The important traits and factors required for successful trading can be summed up as follows:

• There is no single true path.
• Be flexible and trade your personality.
• Develop a trading philosophy and keep track of your market observations.
• Patience, confidence, hard work, and risk control.
• Be an innovator and not a follower.
• Accept losses and limit downside.
• Verify every fact yourself and set a goal.
• Ego and emotions have no place in trading.
• Use common sense and define high probability trades.
• Pay attention to catalysts and insider information.
• Popularity can destroy a sound approach.
• Accept that it takes time to become a successful trader.