Wisdom

Having small losses with small and large gains is a beautiful thing

The important thing to remember is to pick your main time period then look at a time frame above it and/or the time frame below it. The lower time frame tells you what is happening now and the higher time frame tells you what could happen in the future.

 Powerful, vertical moves dont last long and you should expect a halt or reverse in price from it being overextended

Look to take smaller and quicker profits when market becomes choppy

Diversification is a protection against ignorance. It makes little sense for those who know what they're doing

Nominal amounts of buying or selling dont matter, its relativity that matters. many sell offs/panics start while buying is steady and shows no weakness at all since selling increase relatively larger than buying.

Read many good books and write up lots of notes

Learning is more important than making money ASAP

Most people can't trade cuz they quit too early, so don't

Only trade when probability is on your side

Spend more time reducing losses than increasing gains

Buy orders and sell orders are ALWAYS the ONLY reason why price changes

Trade according to your personality and what you are good at

Trades only work because others jump on board with you

Controlling your emotions, controlling risk, and position sizing are more important than entry/exit techniques

Trade with the right amount of leverage for you

The way you trade should work in nearly all markets and time frames

Using multiple time frames for each trade can show more boundaries, reduce risk and get a better price

Hitting your stop-loss is a good thing, be glad that's all you lost

It takes money to make money, treat the money in your account as a tool

Support can become resistance and resistance can become support

It is good to skip some trades so dont force a lousy trade and have patience to wait for the "really good" setups

Protecting the money you already have is your #1 priority

Indicators and methods only work if other people do the same or similar

Pullbacks happen constantly

Paper trade a lot before soley trading real money

The point of trading is to make money, so learn to do what works and not what your creative imagination brews up

Don't knock another trading method just because you can't make it work

Think, act and talk as if you are a student, cuz u are, don't be a jackass

Expect mistakes, they are your best teachers so thank them for happening

Don't obsess over imitating a certain pro-trader, figure out what works for you

Don't give up on a method just to bounce around between 20 others, if something has potential stick with it and master it

When everyone is onboard the ship starts to sink

When common folk know something that info is old and already worked into the price

Some people use mentors to help them (i didnt)

It takes time to learn just like any other profession

T.V. exaggerates everything

Keep a record of your good and bad trades so you can compare and find any correlations

Markets are not "out to get you", they are just environments and you have to adapt

The trend is your friend

Pick the vehicles you want to trade based on the strengths and weaknesses you prefer

Listen to people who are successful

The markets are a mirror of life in general

Common folk are doomed to repeat their mistakes, time makes them forget

Methods work cuz they are repeated over and over

Keep losses small so you never wipe out your entire account cuz of one stupid trade

You can't learn how to make money consistently in several weeks, thats laughable

Be interested in learning the skills, not getting rich quick

People who don't believe trading is possible also don't make money trading

Only about 5% of people holding tradable assets know how to trade

There are more pro athletes than pro traders

Locking in the middle portion of a move is more important than getting the lowest entry price or the highest exit price, reverse for shorting

Candlestick/bar signals are just miniature chart patterns

Sometimes your trading style wont produce any trades yet, so just wait

Commissions are a bitch for scalpers

Spending tons of money on learning is probably not needed for anyone

Learn how to trade not how to invest

Buying after pullbacks is a great idea

You will by far most likely need to exit in the same time frame you entered in

You must have an entry signal, stop-loss and exit signal

Find a trading platform/chart service that you like, they vary

When your strategy seems to be working really well, that is when you should be more critical and keep testing to find any weaknesses

You will lose on most trades when learning, its ok

You can be improving well and still lose a lot, its ok

You can potentially make more money in smaller time frames cuz the moves will overlap

Stupid is as stupid does

Talking about what you are doing or thinking helps you do and think better

The larger your trading account is when you start, the more mistakes you can weather

You can only take in so much new info at a time, don't kill yourself with research

The markets are efficient and inefficient

Technical analysis is used more in smaller time frames

Fundamental analysis is used more in larger time frames

Brokers make money on commissions, not on good trades

A good trader would need $40k + in his account to live off of trading alone

Use an online broker with an advanced trading platform and various vehicles to trade

You should re-read your best books after awhile and you will realize you are getting better cuz more of it will make sense

Don't get too attached to a method that turns out to be sucky, just drop it

It is best not to listen to anyone who sounds really negative

You will make 1000's of trades so any one particular trade isn't that important, the big picture is what matters

You do not want to predict

You do not want to hope

Reversals are common in trends

Breakouts are common in consolidation

You dont need a bunch of screens to trade, more than 2 is overkill for most

Increase chances of a good trade and decrease chances of a bad trade to achieve high probability

Never give up, never surrender

Keeping track of several performance ratios lets you understand your trading better

Improve on one concept at a time

Experience and knowledge are required to be successful. You can read books and watch videos for knowledge but you have to practice to get the experience