-Your edge
-Risk management
-Psychology

-Edge means that your act/your strategy gives you a positive expectation. Much like a casino, each transaction should give you an edge over the gambler so that you win in the long term. Having stable psychology and good risk management knowledge but no edge simply means you will consistently lose more than you win.

-Risk management is knowing how much you should be risking knowing your capital and your edge, understanding how numbers works. Having stable psychology and an edge, but without good risk management, you will either waste the opportunity by risking too small, or turn something with positive expectation into negative expectation by risking too much.

-Psychology includes not becoming overconfident in the good days, not feeling crushed in the bad days, having the discipline to stick to your plan even when your greed or fear seems to overwhelm. Having an edge and good risk management but not a stable psychology, you will eventually break your rules, either over-risking or engage in activity without positive expectation.

Lack of any of the 3 factors guarantees that your investment/trading journey will fail.

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