Jack Schwager is a very famous author of the book The Wizard of the Market - Mark Wizard - the legends of the financial market. In it, he interviewed many legendary traders who were able to make huge profits by speculating in the market. During the interview process, he also drew himself a lot of valuable lessons, but this article only extracted a part of them.


1, Winning creates complacency. When trading extremely well, a lot of traders become careless in both order entry and capital management. They will tend to enter transactions that would not normally be entered and are less cautious in controlling risk.


2, Successful trading is not a secret or a secret discovered by humans, it is just a matter of daily training.

3, Many traders judge their trading performance only on the basis of pure results, while the most meaningful assessment is made only when they consider whether trading decisions are consistent with the method. and control risk or not.


5, Traders need to differentiate trading results from trading decisions. Sometimes a good decision leads to a bad result, and a bad decision can also have good results.

6. Trading fueled by greed ends badly

7. The most obvious way to enter a position is not always the best. Sometimes a correlated market can offer a position with a better rate of profit and loss.

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