A market wizard named Michael Marcus converted a $30,000 initial stake to $80 Million dollars over a period of 10 years.
Here are 28 lessons he considers very important for anyone venturing into trading, from his experience.
1/ The importance of not giving up:
In Fiddler on the Roof, there is a scene where the lead looks up and talks to God.
I'd look up and say, "Am I really that stupid?"
And I seemed to hear a clear answer saying, "No, you're not stupid. You just have to keep at it."
So I did.
2/ On key price levels:
There are key price levels like
- previous day/week/month highs or lows
- round number levels
where you can have 1:5 or more worth RR of trades if you place yourself right.
The key is to hit the crest of the wave, just at the right moment.
If it doesn't work out, you have to get out.
Doing this, you can make several hundred points, risking 1/3rd to 1/5th of what you make.
3/ The secret to getting efficient at trading:
Cut down the number of trades you make.
The best trades are those in which all 3 things check out:
- Fundamentals
- Technicals
- Market Tone