Many #traders are give them our experience in this book:-

👉1. Whatever method you use to enter trades, the most critical thing is that if there is a major trend, your approach should assure that you get in that trend.

👉2. A good trend following system will keep you in the market until there is evidence that the trend has changed.

👉3. When you have a position, you put it on for a reason, and you’ve got to keep it until the reason no longer exists.

👉4. You should expect the unexpected in this business; expect the extreme. Don’t think in terms of boundaries that limit what the market might do.

👉5. If there is any lesson I have learned in the nearly twenty years that I’ve been in this business, it is that the unexpected and the impossible happen every now and then.

👉6. Trading decisions should be made as unemotionally as possible.

👉7. Trade small because that’s when you are as bad as you are ever going to be. Learn from your mistakes.

👉8. I could trade without knowing the name of the market.

👉9. In the real world, it is not too wise to have your stop where everyone else has their stop.

👉10. You could publish trading rules in the newspaper and no one would follow them. The key is consistency and discipline.

👉11. There are lots more false breakouts, perhaps because there are more computer-based trend followers.

👉12. It is misleading to focus on short-term results.

👉13. You have to minimize your losses and try to preserve capital for those very few instances where you can make a lot in a very short period of time. What you can’t afford to do is throw away your capital on suboptimal trades.

👉14. I learned that a certain amount of loss will affect your judgment, so you have to put some time between that loss and the next trade.

👉15. Trading has taught me not to take the conventional wisdom for granted. What money I made in trading is a testimony to the fact that the majority is wrong a lot of the time.

👉16. Almost anybody can make up a list of rules that are 80 percent as good as what we taught people.

👉17. I’ve learned that markets, which are often just mad crowds, are often irrational; when emotionally overwrought, they’re almost always wrong.