I learn better by writing it. I am typing the list of "Wizard Lessons" from Jack D. Scvhwager's book Stock Market Wizards for anyone who finds it useful. I may rephrase it to make it shorter. 1. There is no single true path 2. The Universal Trait: strategy+plan covering all contingencies; stick to the plan 3. Trade your personality 4. Failure and perseverance 5. Flexible 6. it takes time 7. record your observations 8. a trading philosophy 9. an edge 10. confidence 11. hard work 12. Obsessive 13. an innovator 14. take a loss to win 15. risk control: stop-loss, smaller position, low-risk position, small initial position, diversify, short, hedge. 16. willing to risk 17. focusing on undervalued 18. value alone is not enough 19. catalysts 20. exit on stop-loss, profit, time, violation of trade premise, unexpected, portfolio considerations. 21. Get out if market does not comfirm expectation 22. Liquidate for better oppertunity 23. patience 24. goals 25. "This time is different" always wrong 26. bullish/bearish relative to price 27. do not predict 28. Trust no-one/nothing; verify 29. Never listen to other opinions 30. Beware of Ego 31. Self-Awareness 32. No emotion 33. Personsal Problems are cautionary flag 34. review past trades 35. never mind looking stupid 36. danger of leverage 37. position sizing 38. complexity is not equal to success 39. Trading is a vocation, not a hobby 40. need a plan 41. define h-probability trades. 42. low-risk opportunities 43. have good reason for any trade 44. common sense 45. trade the hard to fill 46. Do not refrain from a trade only because you missed a better fill 47. Do not hold a losing position 48. Need not all-or-nothing trading(scale) 49. pa response to news 50. insider buying 51. big boy holdings 52. get out when hoping 53. diversification is not necessarily a virtue 54. data mining caution 55. synergy+marginal indicators 56. persistent condition engender persistent performance 57. no popularity contest 58. two-sided coin is fair; long/short are not. 59. shorting to hedge 60. shorting loss is unlimited 61. shorting candidates: high receivables, change accountants, high turn-over cfo's, blaming shorting, change core business, high p/e, vulnerable catalyst, uptrend stalled/reversed 62. Use options to express stock's expectation 63. sell otm puts for to be longed stocks 64. research reports tend to be biased 65. the universality of success.