Millionaire Traders: How Everyday People Are Beating Wall Street at Its Own Game (Boris Schlossberg and Kathy Lien, 2007)

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  • Art of trading
    1. If the news is good but the stock plummets, buy the crash.
    2. Know yourself, know your trade.
    3. Revenge is never sweet.
    4. Triple your demo twice before trading for real.
    5. Don't lose your cool - always use a stop.
    6. Protect your capital - protect yourself.
    7. Averaging down is for losers, but averaging in can be the difference between success and failure.
    8. Tops or bottoms are only evident in hindsight.
    9. Turn happens only once but trend is continuous.
    10. The last 25% of the position can make a disproportionate contribution to your overall profit.
    11. Make your money work for you.
    12. Beat computers at their own game by using probative orders.
  • Lessons from Dana 
    1. Look for 10 baggers (10x).
    2. Stocks have an upside bias.
    3. Stops should use time as well as price.
    4. Best trade setup is a disconnect between fundamentals and price.
  • Lessons from Bob Booker
    1. Fit trading to your personality.
    2. Test everything.
    3. Don't fall victim to "possum trading".
  • Lessons from Chuck Hays
    1. Know if you are better at being a short or long trader.
    2. Traders who absolutely have to make money never do.
    3. Focus on the next good trade.
    4. It takes time t o see different types of markets.
    5. Timing is everything, but you will rarely be right on the first try.
  • Lessons from Hoosain Harneker
    1. Triple your demo three times in a row.
    2. Focus on your pip target.
    3. Practice regular self reflection.
  • Lessons from Franki Law
    1. Cut your losses, retain control.
    2. Averaging down increase risk, averaging up decreases it.
    3. Rank your profits.
  • Lessons from Indi Jones
    1. Protect yourself, protect your capital.
    2. When you are in sync with the markets, keep pressing the trade.
    3. Be aware of market sentiment.
  • Lessons from Rolan Campbell
    1. Fading market sentiment.
    2. Go for the meat of the move.
    3. Averaging your entry and trail your exit.
  • Lessons from Tyrone Ball
    1. Focus on only a few stocks to develop a feel.
    2. Being just a little more disciplined than the average guys can give you an edge.
    3. Constantly learn and adapt.
  • Lessons from Ashkan Balour
    1. Trend is continuous but turn happens only once.
    2. Two losses in a row and you should stop.
    3. Take it seriously.
  • Lessons from Paul Willette
    1. Support from loved ones is kay.
    2. Do the small things well.
    3. Don't overtrade.
  • Lessons from Marcelino Livian
    1. Make sure you have enough funds to sustain your position.
    2. Get paid while you wait.
    3. Share trading with your family.
  • Lessons from Steven Ickow
    1. Make your stand in the right domain.
    2. Use Reconnaissance orders.
    3. Focus!
    4. Know the reason to get into the trade and the reason to get out.
  • Summary
    1. Be well capitalised.
    2. Expect to lose for at least 6 months.
    3. Test before you try.
    4. Always use stops.
    5. Trade to your personality.
    6. Tools of the trade.

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