#8 - Depending on trading as the only source of income
To meet the obligations of day in day out needs to pay the bills and to generate that amount from trading will be difficult and more stressfull and may lead to take the wrong trades and over trading,always with a backup source of income will be way good in the long run.
Sir any book suggestions to learn how to feel connected with market. Or any of your favourite book. Not for technical analysis or price action learning
#9 Limiting Opportuinity by niche down
I used to think, trading in Equity is more than enough to make me some decent money but unknowingly i was limiting my opportunity, so later corrected path & now trying to hit as much opportuinity by respecting each & every market, long-short etc i reflect upon what’s presented by market
#10 Half knowledge is a worse than ignorance
Learnt this piece of wisdom when I got excited after watching a couple of videos on F&O. Eagerly bought some OTM Calls hoping to quickly mint a fortune. Lost a third of my net portfolio in a matter of weeks. Then read the whole Varsity module and cringed at my stupidity. Since then, I have spent many month learning F&O and although I still can’t seem to make money buying options, I have learnt to live with much small er consistent returns selling options.
Well said! Reminds me of this saying:
“The greatest obstacle to discovery is NOT ignorance… It is the illusion of knowledge.”
My fav books:
Reminiscenses of a Stock Operator - Edwin Lefevre
Nearly 100 years old.
The Original Turtle Trading Rules - Curtis Faith
This is a FREE book. Taught me what a “REAL” trading plan/methodology/system looks like. However, don’t follow his trading rules verbatim today, too many false breakouts.
Money Management Report - Van Tharp
Non-technical (no advanced math) report in a very easy to understand language about money management.
Interviews with the best traders:
4. Market Wizards - Jack Schwager
5. The New Market Wizards - Jack Schwager
6. The Stock Market Wizards - Jack Schwager
You can download and read these books (and many more) for free via the site in this post
#11 Trusting the news-flow blindly.
I took many beatings before realising that market has its own sweet language for expressing itself (and the language is mostly different from what happens on business channels and social media)
Listen to silence, It has so much to say - Rumi
If we learn to listen carefully what market is trying to say, it is safe to say that market will also slowly respond to us 
Summary : Avoid unnecessary noise.
#12 Chandramukhi Ho Ya Paaro…
In other words, getting too emotionally attached to the name of scrips we are trading in. If I picked some stock after all the research and bought some scrip “A”, and if the trade reverses; I won’t accept that loss and try to cover that loss from that scrip “A” itself. Even though, some other trade with other scrip “B” is doing far better. After few lessons, I learned that "Chandramukhi ho ya paaro, ki farak painda hai yaaro… 
". End of the day, it does not matter whether money is coming from trade of scrip “A” or “B”, if we are able to keep our purse green, that matters.
Chandramukhi ho ya paro
Ki farak painda yaaro
Account mera bharo
sahe A karo ya B karo
Chandramikhi bhi chalegi
Paro bhi chalegi
Jab tak pyaar karegi
Nahi toh chalo haridwar
khole man ki dwar
market se duur
man ko kare bhakti se pur.
#8 - Be flexible
Traders should not be biased on any one side of the markets either it is bullish,bearish and sideways we need to act accordingly what markets project if not we will be consistently on the losing side.
NewUser123 ,
This is super stuff. You are not a newuser 
.Lesson 3 and 4. I feel like someone just written my most imp learning in such an excellent way. Is this what you have written or it is part of some blog/book ?
By the way I am somewhere between 21 to 26 in journey of a trader. Its great to know what lies ahead.
Thanks for the posts.
No, I’m not a new trader, but I am new to Indian markets. Also IMO, everyone is always a student of the markets - being humbled by them is a lesson I never forget.
But hey, these are not my own sayings, they are lessons from others, that I mentioned in an earlier post.
Welcome to Indian markets! Where were you before ? @NewUser123
(may be others think you are new because of your user name - NewUser123 sounds like a system-generated code).
I was trading the US markets earlier.
Yeah, I always like to be understated, as there will always be people who are waaay more experienced and knowledgeable that me. Plus personally (psychology), it keeps me humble.
Yes, born and brought up here. Left for work in 1995.
@Karthik sir, I don’t know if I’ll able to express how much ur answer means to me. I went through the same thought process and as a result have taken quite a bit hit and am on the sidelines now trying to recover emotionally. Working on positional paper trades which honestly seems to be quite a relaxed way compared to scalping. Will slowly focus on positional more and once I have recovered my emotional capital too, will start trading. Thanks again 
@Kiran_Divagar Some are cut out for scalping and some just cant scalp or day trade. Identify what works for you and improvise on it. Good luck!
Thanks a lot for the response @Karthik !! I could exactly relate to ending up over trading and blowing up account multiple times and finally left with loss of confidence and money. I was thinking that I was the only one who would make such drastic mistakes. Ur Answer gives me hope that I still can make it if I can truly look at what works for me and do that.
Definitely you can. All the best!