Just finished reading Pit Bull and have read Reminiscenses countless times. There really is one central theme to being a successful trader -- lay off when there's no real edge and go completely "balls to the wall" when the odds are in your favor. The part in Pit Bull when Buzzy was trading all night during the start of the Gulf War was a great example -- pretty intense. Of course this is a painfully obvious concept (but I'll bet many traders still continue to churn even when the odds are "even" or worse -- I know I occasionally do!). I have drastically reduced my trade frequency this year, and have eliminated a lot of pointless small losses. Trade less, make more.