1. Focus on risk, not money.
- Most traders want easy money fast, so they risk more and more
- 60% of traders give up in the first year, 80% in the first 3 years
- Risk management is the most underrated trading skill
2. Focus on the long term, not the short term.
You need- 1-2 years to develop skills like discipline, confidence and patience
- 1-2 years to develop a great trading execution
Trading is a marathon, not a sprint.
3. Be consistent, not perfect.
- Perfection doesn't exist, you'll always leave money on the table
- 1 hour of practice every day is better than 10 hours of practice every 10 days
- 3% every month for 10 years is better than 3x your account in 30 days and lose it afterwards
4. Randomness, not 100% certainty.
- Thinking in probabilities is the best trading mindset
- Everyone can win or lose 1 trade, only a few can win for 5 years
- There's no certainty in trading. You can have the best system in the world but still lose the very next trade