Mr. Jack Schwager Raises Valid Points in this Video
-No one goes to the library and picks out a book on brain surgery and then assume that they can perform a brain surgery next day and yet many traders do exactly that in stock market and fail.
-Most traders get into the stock market because they believe they can make lot of money easily and yet there are professionals who dedicated their whole life and time to make this for living.
-Most new traders are misguided by their beginners luck at the beginning (like Vegas, at first, it’s going to be 50/50 shot) however the longer they trade they start to realize (just like in Vegas) house always wins because they treat stock market like Vegas (a place to make big money quick without any efforts).
–“Amateurs go broke taking large losses, professionals go broke taking small profits.” (Patience by getting in and getting out)
-You can’t have loyalty to your positions. Be flexible.