If you ever have to ask someone else's opinion on a trade, you shouldn't be in it.

I believe that only short-term price swings can be predicted with any precision. The accuracy of a prediction drops off dramatically, the more distant the forecast time. I'm a strong believer in chaos theory.

If you ever find yourself tempted to seek out someone else's opinion on a trade, that's usually a sure sign that you should get out of your position.

Perhaps my number one rule is: Don't try to make a profit on a bad trade, just try to find the best place to get out.

The third important ingredient for achieving peak performance is attitude. Attitude is how you deal with the inevitable adverse situations that occur in the markets. Attitude is also how you handle the daily grind, the constant 2 steps forward and 2 steps back.

The truth is that once you get down on the trading floor, you find that the traders come from all walks of life. You don't have to be a rocket scientist to be a trader. In fact, some of the best traders whom I knew down on the floor were surf bums. Formal education didn't really seem to have much to do with a person's skill as a trader.

If you ever have to ask someone else's opinion on a trade, you shouldn't be in it.