“The secret to being successful from a trading perspective is to have an indefatigable and an undying and unquenchable thirst for information and knowledge.”

2.   “Intellectual capital will always trump financial capital.”

3.   “Every day I assume every position I have is wrong.”

4.   “Losers average losers.”

5.   “You adapt, evolve, compete or die.”

6.   “Trading is very competitive and you have to be able to handle getting your butt kicked.”

7.   “The whole world is simply nothing more than a flow chart for capital.”

8.   “At the end of the day, the most important thing is how good are you at risk control.”

9.   “Always think of your entry point as last night’s close.”

10.   “I will keep cutting my position size down as I have losing trades. When I am trading poorly, I keep reducing my position size. That way, I will be trading my smallest position size when my trading is worst.”

11.   “Don’t be a hero. Don’t have an ego. Always question yourself and your ability. Don’t ever feel that you are very good. The second you do, you are dead.”

12.   “Markets trend only about 15 percent of the time; the rest of the time they move sideways.”

sell any bounce

The first week of 2016 to the year marks the worst start in the history of the stock market.

The devaluing Chinese yuan, slack global growth, divergences in the major averages, the slide in junk bonds, the slide in oil and other commodities reaching multi-year lows, and the prospect of rate hikes all contributed to the market's troubles.

"DON’T HOPE AND PRAY. IF YOU DO YOU WILL LOSE."

DON’T HOPE AND PRAY. IF YOU DO YOU WILL LOSE.
When I was a new and undisciplined trader, I can’t tell you how many times that I prayed to the “Emini god”. My prayers were a plea to help me out of a less‐than‐pleasant trade position. I would pray for some sort of divine intervention that, by the way, never materialized. I soon realized that praying to the “Emini god” or any other "financial markets God” was a wasted exercise. Just get out!