Bornean Forex Trader

He started trading at the age of 14 and amassed a fortune of $100 million in the 1920s.

Here are 8 powerful trading lessons I’ve learned from him…

(It'll save you a ton of money and heartaches)

1. Successful trading is an emotional battle 

Managing a 5-figure account is vastly different from a 7-figure account.

If you are down 20% on a $1m account, that could be the cost of a new house or multiple cars.

That’s a voice you must overcome each day.

2. Stocks are never too high to buy 

Research has shown that strong performing stocks over the last 6 to 12 months are likely to outperform the market over the next 6 to 12 months.

In other words, buy high and sell higher.

3. Be prepared to take a loss 

It sucks when your stock hits your stop loss.

But it’s worst when your stock collapse lowers with no end in sight.

4. Trade your own method 

It doesn’t matter what Warren Buffet is buying.

It doesn’t matter what Paul Tudor Jones is trading.

It doesn’t matter what the news is saying.

Ultimately, you must develop your method to trade the markets.

Don’t be a sheep or you’ll get slaughtered.

5. Don’t try to play the market all the time 

No markets trend all the time.

No markets range all the time.

No trading strategy works all the time.

Thus, you must know when to stay in the markets and when to stay out.

6. Trade along the path of least resistance

If the price is heading higher, look for buying opportunities.

If the price is heading lower, look for selling opportunities.

If in doubt, stay out.

7. Markets are never wrong, but opinions often are 

Never trust anything.

Always verify everything.

It’s your money and nobody cares for it more than you.

8. Respect risk

Jesse Livermore took huge risks to make millions.

He has the skill and the luck.

Unfortunately, his luck ran out.

This cost him his money, marriage and eventually, his life.

So always respect risk. Or else, you’re just one trade from losing it all.

Source: TradingWithRyner

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