Interest: Love trading and winning percentage.

Self-confidence: determination not to change one's point of view in the face of criticism.

Use the left and right brains at the same time, which is compatible with two opposing views.

Rationality: buy when others panic and sell when others are blindly optimistic.

Can avoid repeating the same mistakes and make no big mistakes.

Adhere to the principle of acting according to the probability of superiority, and don't change your life bet even if you are frustrated repeatedly.

An elder summed it up in eight words: interest, belief, vigilance and persistence. In addition to these talents, there are acquired qualities: concentration, learning, self-discipline and adapting to the market. For example, stop loss in time, strictly observe discipline, focus on the target, and do not make callback orders.

However, these things are not trading instructions. Even if there are instructions, most people will not read them, or they will make mistakes when they read them.

Taleb's epistemology holds that we know that there are far more wrong things than right things. In the face of mistakes, negative knowledge (wrong and invalid) is stronger than positive knowledge. For example, happiness is best explained by negative concepts, and unhappy places are best found out.

In other words, by avoiding bad traders, we have a higher chance of winning.

At Oak Capital, Howard Musk's philosophy is "avoid becoming a loser and naturally become a winner". Munger also said that through long-term efforts not to do stupid things, they have an advantage.

Munger believes that the most important thing for investors is not to make big mistakes, and the second is to avoid the continuous loss of principal. From these two points of view, fund management (position control) is the first, and it is also important to leave or reduce operations when the transaction is not smooth.

Lao Li said, "An obvious indicator to distinguish excellent rational investors from extremely radical investors is that although both will make mistakes, the former can rarely make serious mistakes and will not make fatal mistakes for a long time; The longer the latter is dragged, the more serious mistakes will be made, and even fatal mistakes will be made again and again (if there is still a chance). "

The best indicator of defensive ability on the bill is the withdrawal of net worth.

The reason for the large net retracement is that the position is out of control and there is no stop loss. It is unlikely but fatal to extreme markets, such as the Swiss National Bank abolishing the lower limit of Euro/Swiss franc 1.20, Britain withdrawing from the European Union and Trump being elected president of the United States. However, the motives behind similar actions may be diverse.

People who make good deals are often self-disciplined. Because people with poor execution can only win for a while. The old ghost of futures once said that futures have no secrets and are all implemented.

How to find traces of execution? In fact, historical bills can also be found. I know the answer, but I don't want to tell you. Curiosity can bring the ability to solve problems.

Bezos said: I am often asked a question, what will happen in the next decade? But few people ask me, "What will remain the same in the next decade?" I think the second question is more important than the first one, because you need to base your strategy on unchangeable things.

When you find the right thing, even after 10 years, it is still the same, and it is worth investing a lot of energy.

If trading is a game to avoid becoming a loser, playing this game well depends on two things: first know what is right and insist on doing the right thing.