Thread by @IMRiskManager

This time it is 'The Market Wizards' by Jack Schwager for #WeekendReading
Favorite book of most traders.
#LearningTogether

https://twitter.com/IMRiskManager/status/852892429267206144

1 A bull market should shrug off bearish news & respond vigorously to bullish news.
- Michael Marcus

2 Before you get in a trade, pick a point to get out
When in doubt, get out & get a good night's sleep.
-Michael Marcus

3 Be willing to take in information that is difficult to accept emotionally.
- Michael Marcus

4 Clearly define your risk in every trade you make.
- Bruce Kovner
#MarketWizards

5 The less explanation there is, for a price move occurring, the better it looks.
- Bruce Kovner

6 Tight congestions in which a breakout occurs for a reason that nobody understands are usually good risk/reward trades.
- Bruce Kovner

7 One of the jobs of a good trader is to imagine alternative scenarios.
- Bruce Kovner

8 Place your stops at a point that, if reached, will reasonably indicate that the trade is wrong....

9 When you have a destabilizing loss, get out, go home, take a nap, do something but put a little time ......
#MarketWizards

10 Trading decisions should be made as unemotionally as possible.
- Richard Dennis

11 U should expect the unexpected in this business, expect the extreme, the unexpected & d Impossible happen every now & then
Richard Dennis

12 it is important not to have a short position with a loss on Friday if d market closes at a high or a long if it closes at a low
Richard D

13 Never play macho man with the market. Never Over trade.
- Paul Tudor Jones
#MarketWizards

14 When you are trading size you have to get out when the market lets you out, not when you want to get out.
Paul Tudor Jones

15 Risk control is the most important thing in trading
- Paul Tudor Jones

16 Never trade in situations where you don't have control e.g. news, events, reports etc.
-Paul Tudor Jones

17 The most important role of trading is to play great defence not great offense.
- Paul Tudor Jones

18 Don't focus on making money, focus on protecting what you have.
- Paul Tudor Jones

19 The most important thing is to have a method for staying with your winners and getting rid of your losses.
- Gary Bielfeldt

20 The best thing anyone can do when starting out is to learn how a trend system works.........