Business
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/08571986960 Connect with me My website: https://tradeciety.com/ My YouTube channel: https://www.youtube.com/tradeciety ► Risk Disclaimer: https://www.tradeciety.com/risk-disclaimer/