If you had 1 minute with someone who wants to learn trading, what would you say?
These are some of the absolute essentials:
- There is no single right methodology, but there is a right methodology for each trader, and it will be different for every trader. The first job of a trader is to find his or her methodology.
- Risk management is more important than the trading methodology.
- Know your maximum portfolio risk before you start trading.
- In regards to individual trades, in the words of Bruce Kovner, “Know where you will get out before you get in.”