You have to be able to admit when you’re wrong and get out of a losing position quickly. The worst thing you can do is hold onto a losing trade hoping it will come back.
The best trades are the ones in which you have all three things going for you: fundamentals, technicals, and market tone. If you can find a trade that has all three of these characteristics, you have found a potential goldmine.
You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.