“First and foremost, understand that you will always make mistakes. The only way to prevent mistakes from turning into disasters is to accept losses while they are small and then move on.”
This is a quote taken from Stock Market Wizards by Jack Schwager (kindle edition).
Jack Schwager had just asked Mark Minervini, a trader who once made 407% in a year and whose 5 year compounded annual return at the time of the interview was 220%, ‘what advice would you have for a novice whose goal was to become a successful trader?’
The Stock Market Wizards series of books were the most influential and helpful to me during my development as a fledgling trader.
If you don’t know Jack Schwager – himself a very successful trader – has authored some of the most widely respected books in the trading industry.
The Stock Market Wizard books contain interviews conducted by Schwager with the world’s most successful traders. Sometimes they reveal their strategies. Other times they reveal their view of the markets. One thing is for sure; it is essential that you read at least one of the Stock Market Wizard books before committing a single penny to the stock market.
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