Most of the people I know and that followed the "guts and balls" theory wiped out completely. It was just a matter of time to see them run out of luck. They all took the mother of all losses. Guts and balls have nothing to do with succesful trading, knowledge does. Transpiration does, but only if it is combined with inspiration, and preferably inspiration from out of the box thinking.
You don't have to be utterly smart, you just need to know what you need to know. And that's clearly not being a Phd.
Nonsense, because it would mean the higher the leverage the higher the profits. That's only half of the truth, you should mention that it works also identical in losing money with high leverage. Unless you only take leverage when you have a winning trade (in hindsight).
That's actually brilliant, if you only use leverage on the winning trades and on losing trades don't use leverage than you'll need a lot lower win rate.
