16-Be intellectually honest When you are wrong admit it , learn from it and go on to the next trade. The market rewards intellectual arrogance with losses and pain. If you want to stick to your point of view no matter what the evidence may be to the contrary become a politician. When everyone is on the same bandwagon be careful and get ready to get out. 18-Be aware of Psychological biases in the markets Bond traders tend to make most money as economies slow and dip into recession.
Stock traders tend to make most money when the economy booms.
So many bond market participants are always pessimistic and many stock analysts are perpetual optimists. Try to remain objective and observe which market commentators appear objective too. 19-Be patient The more profound your ideas the longer it will take for others to see them as well and thus the longer it will take for markets to move your way. Be patient and give yourself and your trades time. 20-The 20 Th.