Steve Burns Profile picture
Mar 21 12 tweets 2 min read
10 key principles from the book:

The 48 Laws of Power by Robert Greene

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“When you show yourself to the world and display your talents, you naturally stir all kinds of resentment, envy, and other manifestations of insecurity... you cannot spend your life worrying about the petty feelings of others.”
“The more you say, the more common you appear, & the less in control. Even if you are saying something banal, it will seem original if you make it vague, open-ended, & sphinxlike. Powerful people impress & intimidate by saying less.“
“If you are unsure of a course of action, do not attempt it. Your doubts & hesitations will infect your execution. Timidity is dangerous: Better to enter with boldness. Any mistakes you commit through audacity are easily corrected with more audacity. Everyone admires the bold.”
“Keep your friends for friendship, but work with the skilled and competent.”
“Don’t accept the roles that society foists on you. Re-create yourself by forging a new identity, one that commands attention & never bores the audience. Be the master of your own image rather than letting others define if for you.“
“Never assume that the person you are dealing with is weaker or less important than you are. If you want to turn people down, it is best to do so politely and respectfully.”
“Never waste valuable time, or mental peace of mind, on the affairs of others—that is too high a price to pay.”
“There is nothing more intoxicating than victory, and nothing more dangerous.”
“Never take your position for granted and never let any favors you receive go to your head.”
“Learn the lesson: Once the words are out, you cannot take them back. Keep them under control. Be particularly careful with sarcasm: The momentary satisfaction you gain with your biting words will be outweighed by the price you pay.”
Book link: amzn.to/350WRM2

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More from @SJosephBurns

Mar 22
Trading as a Business:

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To make money in the markets you need to be trading like a business. Hobbies cost money, businesses make money. A business has a plan, a process, and a system. A business has customers that it sells products to for more than their cost.
You can’t open up your trading business to having capital at risk until you have a full system with an operating trading plan that has an edge. A positive expectancy model is needed for profitability.
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Your watch list can be filtered using fundamentals but should only be traded using price action. It is a good practice to trade markets that historically has had good trends & swings in the past and consistent repeatable price patterns over the long term.
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Key trading principles from the book:

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A thread🧵👇
Eckhardt witnessed many systematic traders spending great deal of time searching for the “good” places to enter. He cautioned against it: “It just seems to be part of human nature to focus on the most hopeful point of the trading cycle.
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Top 10 Tips To Give Yourself An Edge Trading:

What is an edge in trading? An edge in trading is simply a process that allows your winning trades to add up to more than your losing trades do over the long term.

A thread🧵👇
Research historical chart patterns to understand what is possible in the market and how markets change from uptrends to downtrends, and from volatile to range bound. Use this insight to structure profitable trading systems using price action signals.
Backtest your trading signals to see if they had an edge in the past. See if the signals create a positive expectancy model over different market environments.
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A thread 🧵👇
“If you have timed the movement correctly, your first commitment will show you a profit at the start.”
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7 key lessons from my book:

“The Ultimate Guide to Stock Trading”:

A Thread: 👇 Image
“A stock trader focuses on price action, while a stock investor focuses on the profit and loss statement of the company.”
“A trader believes a stock is overbought when the price has gone up too far too fast. An investor believes a stock is overvalued when the price is higher than the future value of the underlying company.”
Read 9 tweets

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