August 2nd. Quotes from The New Market Wizards

FIRST THING FIRST, MAKE SURE THAT YOU REALLY WANT TO TRADE.

1. match the trading method to your personality.

2. it's absolutely necessary to have an edge.

3. developing a method is hard work.

4. understand that you are responsible. when you win or lose, you are responsible for you own results. Even if you lost on your broker's tip, and advisory service recommendation, or bad signal from the system you bought, you are responsible because you made the decision to listen and act. I have never met a sucessful trader who blamed others for his losses.

5. the need for independence.

6. losing is part of the game.

7. developing a low-risk idea.

8. scaling in and out of trades.

9. the importance of varying bet size.

10. being right is more important than being a genius. forget trying to judge trading success by how close you can come to picking major tops and bottems, but rather by how well you can pick individual trades with meric based on favorable risk/ return situations and a good percentage of winners. Go for consistency on a trade to trade basis. not perfect trades.

11. catching part of the move is just fine.

12. maximize gains, not the number of wins.

13. the markets are an expensive place to look for excitement. excitement has a lot to do with the image of trading but nothing to do with success in trading. don't trade for excitement, trade to win.

14 prices are nonrandom=THE MARKETS CAN BE BEAT!!!