STREET DOGS: Market Wizards’ playbook
Advice for novice traders from Jack Schwager’s Stock Market Wizards
Advice for novice traders from Jack Schwager’s Stock Market Wizards: Have a plan. Know why you are buying or selling and what to look for in a trade. If you take a step back and think about what you are doing, you can avoid a lot of mistakes. Find a style of trading to match your personality. Don’t accept anything. Never take as fact what you read or what others say. Question everything. Do your own research, act on your own ideas. Be prepared to work hard and pay your tuition, which is the money you lose while you’re learning to trade. How long does it take to succeed? At least three to five years of 12-hour days and losing money. Define a target, a strategy consistent with the target, a set of disciplines to follow and risk management guidelines. Then trade, track and evaluate your performance. Don’t confuse activity with accomplishment. All that’s required for successful investing is the common sense analysis of today’s facts and the courage to act on your convictions. Control lo...
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