Here are 5 things I learned reading, Market Wizards, By: Jack Schwager
1. If you are down, trade less.
2. When trading: Manage. Your. Risk.
3. Don’t bet your lifestyle. Ever.
4. No trade should be more than 1 – 2 percent of your equity.
5. “If you think of trading as a game and that a mistake is not following the rules of the game, then it becomes much easier to follow these two rules. You should review your rules at the beginning of the day and review your trading at the end of the day. If you followed your rules, even if you lost money, pat yourself on the back. If you didn’t follow your rules, then mentally rehearse what you did and give yourself more appropriate choices in the future.”
