Humbly, that list may be too long even if it's correct and contain a lot of good stuff. I'm a big fan of the Market Wizards series by the way.
In my view, successful trading is all about having a
positive expectancy, i.e., after 100 trades you'll be ahead.
So, how can we accomplish that?
The key is risk management and maintaining a positive R/R ratio, i.e., you
must risk less than you stand to gain. As a minimum, if you risk 1R, you need to bank 2R. If you can do this consistently and once in a while bring home 5R or 10R trades, you're golden. Your win ratio can be way below 50 % and you'll still make money. Even good money!
What do most newbies typically do? They'll take profits as soon as they see some green numbers on their trading platform while holding their losses to a full stopout and even increasing them. That behavior will never make you money.
Ride your winners and cut your losses.
The key is to zoom out a bit and shoot for larger targets, while possibly using smaller time frames for entries.
Of course there's a bit more finesse to it and most people will probably not make it anyhow, but that's where the focus should be, IMHO.
The other way to achieve a positive expectancy is with a high win rate. If you can do it, be my guest. Not my cup of tea and probably out of reach for most.
Current trade on below. Risk was never more than 3 points and I added a bit on the way as the market proved me right! If I took a full stop the loss would be small. By now, the risk is removed from the trade. If I get my target, that's a 10R + trade.
If I'm stopped, I'll probably look for re-entries in that area if I still like it, but still making sure I use small stops and don't go in with full size at once. Once in a while you'll get it wrong and if you go all in at once you'll very quickly lose a lot of money. So, losing money is also a choice.
