When you are getting beat to death, get your head out of the mixer.

Trading has taught me not to take the conventional wisdom for granted. What money I made in trading is testimony to the fact that the majority is wrong a lot of the time. The vast majority is wrong even more of the time. I've learned that markets, which are often just mad crowds, are often irrational; when emotionally overwrought, they're almost always wrong.

Trade small because thats when you are as bad as you are ever going to be. Learn from your mistakes.

I could trade without knowing the name of the market.

I always say you could publish rules in a newspaper and no one would follow them. The key is consistency and discipline.

You have to minimize your losses and try to preserve capital for those very few instances where you can make a lot in a very short period of time. What you can't afford to do is throw away your capital on suboptimal trades.

When things aren't going right, don't push, don't press.