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Secret 10

Guts are as important as patience and more important than money

Some traders are too bold, and as a result, they overtrade. Others have trouble pulling the trigger, and this is a weakness that must be corrected. You must train yourself to trade in a way that there is no hope and no fear. When you enter or exit a position, do it decisively and without emotion. This is particularly important after a tough losing streak. I've witnessed traders who still have money left suffer a string of losses, and when the best opportunity of the year comes along (one they identified), they just didn't have the guts to act. In cases like this, guts are more valuable than money. You need the guts to press hard when you are right. You also need the fortitude to cash in when it is most pleasurable.


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