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i) If somebody’s such a great trader, and/or has such a great trading system, why on earth are they teaching or selling you something?!

ii) You’ll gain as much knowledge from a decent trading book/manual, vs. a trading course, far more quickly and at less than 1% of the cost.

iii) Trading ‘education’ (vs. experience) has never been useful in getting a trading job, although having an MBA will probably help these days.

iv) Being smart’s not that relevant to being a good trader.

v) To become a good trader is probably 5-10% knowledge vs. 90-95% experience.

vi) The most important attribute of any great trader is the ability to control ‘fear & greed’ – oh, and a little humility – these pretty much can’t be taught.

vii) Trading on paper, and/or in small size, is a great way to learn.

viii) Then again, paper trading’s not the same as real trading.

ix) Also, trading in small size is not the same as trading in larger size.

x) The true cost of any trader’s education will be their losses.

xi) Gaining real experience as a trader is always going to be slow and painful.

xii) Good traders cut their losses and run their gains – bad traders inevitably do the opposite.

xiii) Real/profitable trading is at least a 10 hours a day, six days a week job.

xiv) Relying on trading to pay the bills definitely won’t help your trading.

xv) The best hedge funds might earn a net 20% pa – most traders can never hope to beat that – so you’ll likely need at least 500 K of capital to aspire to earn 100 K pa.

xvi) If you do reach, say, 100 K pa, you’re likely just breaking even as you probably sacrificed a salary to earn it.

xvii) If you have 500 K of capital, and earn 125-150 K pa, you’re still only breaking even – see above, and you should have earned 25-50 K pa from passive investment anyway.

xviii) Any firm offering you gobs of trading leverage is trying to RAPE you, NOT help you!

xix) Foreign exchange trading offers the best/most technically based trading possible.

xx) Feel free to substitute ‘poker player’ for ‘trader’ in pretty much all of the above – and I’d never describe a great trader or poker player as a gambler either..!