1. Fools are always the most courageous when the momentum is not established, and the least courageous when the momentum is established.

2. Fools always stare at their own accounts instead of looking at what their opponents are doing!

3. Investment success is based on existing knowledge and experience!

4. Letting go and allowing losses to continue to expand is something almost all investors may commit. Maximum loss!

5. Wait patiently for the emergence of certain signals and avoid blind investment in the high-risk ambiguous stage!

6. Investment is not just a behavior, but also a philosophical thing!

7. Every fool will learn from his own experience, and a smart person will learn from the experience of others!

8. If you are not ready to endure the pain, then leave. Don’t expect to become a victorious general. To succeed, you must be ruthless!

9. Safety margin: When erecting a bridge, you insist on a load capacity of 30,000 pounds, but you only allow 10,000-pound trucks to pass through it. The same principles apply in the world of investing.

10. Don’t make big mistakes: Investors don’t need to do many things right. What’s important is that they can’t make big mistakes.

11. Surround yourself with good people: An owner or investor can achieve great things if he tries to surround himself with managers who manage good businesses.

12. "I wouldn't try to jump over a 7-foot fence, I would just look for some 1-foot railings that I could jump over."

13. "If I find myself in a hole The most important thing is not to dig any further. ”

14. Be willing to resist the temptation to deviate from your guidelines: If you are not willing to own a company for ten years, don’t consider owning it for ten years. minute.

15. World economic history is a series based on illusions and lies. The way to gain wealth is to recognize the illusion, get involved, and then get out of the game before the illusion becomes public knowledge!

16. Profit is given by the market, and retracement is controlled by yourself!

17. In fact, the market is a game of money. The real manipulator is not the economist, but the perceptual and group intuition of the traders. The final winner is always the one who takes advantage of the price difference.

18. There is only one rule in trading: everything depends on money. You can think you are right, but as long as you can't make money, you are wrong. "Smart money is also money, and stupid money is also money. Even if you are the number one fool in the world, as long as you make money as a result of the transaction, you are China's Kong Ming."

19. The motivation for trading must come from the heart , an obsession to solve problems. This enthusiasm cannot be maintained throughout the long years of a trading career. It’s hard to understand this crazy enthusiasm unless you experience it yourself. This is a kind of high concentration, everything else seems to be non-existent, there is nothing else in the field of vision. This enthusiasm comes from the deepest layer of the inner structure, and is manifested by extremely diligent work.

20. The biggest mistake in trading is to deliberately exit the market after a specific goal is achieved.