I learned early that there is nothing new in Wall Street. There can’t be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again. I’ve never forgotten that.

The best traders are never right all the time, they make losses too. Focus on getting more trades right than wrong and you’ll be considered successful.

As a rule, when you first start trading, never risk more than one or two percent of your trading account on a trade. For example, if you have $3,000 in your account, never trade more than $30.

You need to take risks in order to make a profit. If there’s no risk in the trades your making, you cannot expect to really make a living as a trader.

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