The most important lesson from George Soros

In 1970 George Soros holds short positions against the home builders and earns more than well. In his notes for this trade, he foresaw the collapse, rebound and new collapse. Then he decided to make a new short bet which also earned him a solid gain.

This event gives the chance of Soros to develop his theory of reflexivity of the market, which helped him become one of the richest people in the world.

The most important lesson for us is:

"Take 30 minutes and write your trading plan".

But for us as day traders writing has a decidedly more practical application. It will literally make you trade better. The big difference between successful and those who will struggle whole life is probably precisely this element of trading rooms - Trading book.

If you think about it, the best exercise in trading is a recording of reasons to open a position or to avoid one and also result from a possible or real deal. This will give you a chance to have a statistical superiority of successful trades to fail ones.

Conclusion: Writing creates discipline. Discipline builds structure. Structure leads to efficiency and effectiveness brings profits!

Jr. Trader Nikolay Georgiev