The end of a trade must be one of the following: 1. A big win. 2. A small win. 3. Breakeven. 4. A small loss. It must never be a *big loss*. [[202007310030 Percentage gain to break even]] GET IN QUICK. GET OUT FASTER. Never [[risk]] more than you expect to gain. ## Evergreen trading lessons, reminders, and best practices Plan [[202006031121 The game is not to predict but to react.]] [[202006081150 Follow through and pull the trigger.]] [[202006031320 Pulling the trigger can be learned.]] [[202006031322 The plan must be executed.]] [[202006081152 I deliberately execute my plan.]] Opportunity [[202006031324 Opportunities are abundant, but they expire.]] [[202006031336 Opportunities present themselves again.]] [[202007061759 Try to take every opportunity to learn, execute, and do.]] Loss [[202006031334 Accept a loss quickly and move on.]] [[202006081149 Cutting losses quickly]] Attitude and mindset [[202006081158 When failure is the norm, resilience becomes second nature.]] [[202007071447 Principles of trading consistency]] [[202006081151 The intention that it is a trade]] [[202006081154 I have reasonable expectations.]] [[202006081159 The market exposes your weakness.]] [[202006081155 Discipline that I prove to myself]] [[202007071456 Qualities of top traders and primary trading fears]] [[202006081156 Neither avaricious nor insatiable]] [[202007071950 Rigid in rules, flexible in expectations]] [[202007072203 Think probabilistically.]] [[202012221934 Sell high, accept uncertainty, think probabilistically and independently]] [[202008131605 Bad trading is emotional and feels like gambling.]] Price action [[202006031328 In strong uptrends, pullbacks are eagerly bought.]] [[202006031330 When price stalls, rather than gain momentum, a sell-off is more likely.]] [[202006031312 There is no need to buy or sell at the bottom or top.]] Execution [[202006151303 Enter the trade as close as possible to the invalidation point.]] [[202101231641 Enter with a small position first.]] [[202101231426 Take profit at 20–25% and sell into strength.]] [[202101231452 I take profit when I achieve high gains in a compressed amount of time.]] Quotes about trading [[202006081200 I like to just ride the ups.]] [[202006081201 Even when you're right, you can get screwed.]] ## Personal observations, personal behavior [[202006081203 After a breakout, I'm afraid to jump in.]] [[202006141810 I must improve my emotional response to early profit-taking.]] [[202006141823 I'm better at cutting losses and getting out of the way of a dump.]] [[202006141825 Price action should not affect my process and risk management.]] [[202006141901 I expect too much of a pullback in uptrends.]] [[202006150007 Acquiring pattern recognition in price action]] ## Life lessons and other notes [[202007061805 It's in doing something that you learn the skill and importance of doing nothing.]] [[202007072258 Deactivate bad beliefs.]] [[202012162146 Calculate risk and act decisively.]] [[202012311406 I've remained unharmed.]] [[202101251257 One hundred duck-sized horses of WSB]] ### Related [[investing]] [[personal finance]]