A trader who lost seven figures in a day summarizes trading insights

1. Control drawdown, do not turn profits into losses

2. Be good at waiting; wealth does not come from hasty actions. Even if there are losses, do not rush to recover

3. Strictly stop-loss, be brave to admit mistakes, do not rely on luck

4. Do not go against the trend, do not catch falling knives

5. Forget about cost; every trade is a brand new one. Do not refuse to buy back at a high price just because you bought at a low price before

6. Do not attempt to predict the market; do not place large bets lightly. The size of the bet depends on the probability of winning

7. Trust early and correct promptly. If things become clear, the opportunity is lost

8. Profitable trades, regardless of how many, are correct. Aim for 50% but only do 30-40%; respect the market

9. Commit to lifelong learning; constantly correct your cognitive limitations and biases based on market feedback

10. The essence of enlightenment is moving from trading to observing my trading. There is never a single winning secret. Trade what you can understand; among the vast waters, only take a sip

Let’s encourage each other!