I think that studying trading and being a trader has really changed my life. The principles of risk management, psychology. and robust methods has helped me in all areas of my life. Letting winners run, cutting losers short, and managing your risk of ruin is not just for trading, it can lead to successes in your career, business, health, relationships, and marriage as well.
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When you are winning stay with what you are doing and let it go as far as it will take you in success.
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Cut losses and mistakes short, do not wast more time and money in something that is not working or growing positively.
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Always practice self control and think through what you are going to do in any circumstance and the consequences.
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Do not put yourself in a situation where a string of bad decisions could ruin you professionally or financially.
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Be very consistent and methodical in your behavior to be successful.
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Trends tend to persist in all areas of life until the end when they bend.
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Focus on systematic ways to be successful in life and avoid haphazard behavior.
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Focus on the things that really matter and are telling you something (signals) and avoid the noise that is simply random.
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In life the right mindset will determine our success more than any other single thing.
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In life it is crucial to have really big wins when we are right but really small losses when we are wrong.
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The quicker we admit we are wrong the better because the smaller our loss will be.
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Managing our risk in life is crucial to maintain the levels of success that we do obtain in life and not simply lose it.