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11 things I learned from the Unknown Market Wizards | Traders Improved (#166)
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When? This feed was archived on May 26, 2022 13:11 (). Last successful fetch was on April 21, 2022 10:36 ()
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Manage episode 294647392 series 2444481
The 11 quotes from the podcast:
1. “Music is the space between the notes,” because an analogous statement about trading—Trading is the space between trades.
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.
3. You have to have an edge to make money, and a chart pattern does not give you an edge.
4. Don’t trade so large that fear dominates your trading.
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.
6. If a trade is not acting as expected, cut losses immediately.
7. If you ever find yourself in a trade based on hope, get out. You need conviction, not hope, to stay in a trade.
8. Learning from mistakes is how you become a better trader.
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!
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.
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].
Link to the book on Amazon: https://www.amazon.com/Market-Wizards-Traders-Youve-Never/dp/B08F2Y6BD6
Connect with me
My website: https://tradeciety.com/
My YouTube channel: https://www.youtube.com/tradeciety
► Risk Disclaimer: https://www.tradeciety.com/risk-disclaimer/
193 つのエピソード
アーカイブされたシリーズ ("無効なフィード" status)
When? This feed was archived on May 26, 2022 13:11 (). Last successful fetch was on April 21, 2022 10:36 ()
Why? 無効なフィード status. サーバーは持続期間に有効なポッドキャストのフィードを取得することができませんでした。
What now? You might be able to find a more up-to-date version using the search function. This series will no longer be checked for updates. If you believe this to be in error, please check if the publisher's feed link below is valid and contact support to request the feed be restored or if you have any other concerns about this.
Manage episode 294647392 series 2444481
The 11 quotes from the podcast:
1. “Music is the space between the notes,” because an analogous statement about trading—Trading is the space between trades.
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.
3. You have to have an edge to make money, and a chart pattern does not give you an edge.
4. Don’t trade so large that fear dominates your trading.
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.
6. If a trade is not acting as expected, cut losses immediately.
7. If you ever find yourself in a trade based on hope, get out. You need conviction, not hope, to stay in a trade.
8. Learning from mistakes is how you become a better trader.
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!
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.
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].
Link to the book on Amazon: https://www.amazon.com/Market-Wizards-Traders-Youve-Never/dp/B08F2Y6BD6
Connect with me
My website: https://tradeciety.com/
My YouTube channel: https://www.youtube.com/tradeciety
► Risk Disclaimer: https://www.tradeciety.com/risk-disclaimer/
193 つのエピソード
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