#8: LUCK IN TRADING "Luck is what happens when preparation meets opportunity."

"Ever thought of why your trading buddy is always luckier than you? Perhaps he is just more prepared than you. Gamblers depend on pure luck. Traders prepare for an opportunity."

#7: KNOW YOUR GAME "If a man knows not to which port he sails, no wind is favorable."

- Seneca


"A trader does not take random trades. A trader looks for specific market conditions that he is able to take advantage of. Do you know what you are looking for?  You cannot surf the market waves if you don’t."

#6: WITHDRAW FROM THE MARKET "It is in your power to withdraw yourself whenever you desire. Perfect tranquility within consists in the good ordering of the mind, the realm of your own."

"Traders think that they have to trade. After all, if they don’t trade, they are not traders.
Wrong, wrong, wrong.
One of the most powerful weapons of a trader is the ability to stop trading.
To improve your trading, withdraw from the market under the following circumstances.
• You are mentally fatigued.
• You cannot find an edge in the current market.
• Your trading connection is unreliable. (For e.g. when travelling in less developed areas)
Withdrawing yourself from the market is not just an option. It is a powerful one that distinguishes the best traders."

#5: OPINION-LESS "You always own the option of having no opinion. There is never any need to get worked up or to trouble your soul about things you can’t control. These things are not asking to be judged by you. Leave them alone."

"If you think that a trader must always hold an opinion about the market, you are wrong. It’s okay to say that you have no opinion. In fact, having no opinion frees your mind to consider all opportunities. A less opinionated trader is one that will cut losses without hesitation When you find yourself trying too hard to defend your opinion, take a step back. Remember that you cannot control the market. Hence, there is no reason to get worked up over your opinion of the market."