Dear Successful Traders
I would like to wish you a Happy New Year 2015! Let the new year bring prosperity, great health and amazing opportunities for all of you!
I would like to start off the new year with 10 Fundamental Principles for Trading Success as seen by Ray Dalio…
Ray Dalio’s 10 Fundamental Principles
-It isn’t easy for me to be confident that my opinions are right- in markets, you can do a huge amount of work and still be wrong
-Bad opinions can be very costly- most people come up with opinions and there is no cost to them. Not so in the market. This is why I have learned to be cautious. No matter how hard I work, I really can’t be sure.
-The consensus is often wrong, so I have to be an independent thinker- to make any money, you have to be right when they are wrong
-I worked for what I wanted, not what others wanted me to do
-I came up with the best independent opinions I could muster to get what I wanted
-I stress-tested my opinions by having the smartest people I could find challenge them so I could find out where I was wrong
-I remained wary aboout being overconfident, and I figured out how to effectively deal with my not knowing
-I wrestled with my realities, reflected on the consequences of my decisions, and learned and improved from this process
The last two principles are from me:
Never give up
Always follow your dreams
(Visited 363 time, 1 visit today)