Charlie Munger famously said:
"All I want to know is where I'm going to die, so I'll never go there. ”
Let's use 9 anti-goals to find how traders "die":
1. Be desperate to make $. Make sure you entirely rely on trading and have no savings.
2. Be inconsistent. Don't treat this like a real job, trade only when you feel like it.
3. Avoid accountability, if you lose it is NEVER your fault. Blame influencers, the market makers, bad luck or your girlfriend.
4. Eat junk food, don't workout, and don't meditate.
5. Copy trade influencers. Make sure to have as many opinions as possible (besides your own) before making any decisions.
6. Don't journal trades. Just go with your gut feel, writing is for nerds.
7. Try to figure it all out yourself. Don't look for guidance, in courses, mentors or books.
8. Use as many strategies as possible. Make sure they're as complicated as possible.
9. Ignore all risk management principles, slide the leverage up to 100x, think you're different and will make it regardless.
Do the opposite of this list and your chances of making it are pretty high.
