21. The basic substance of price change is human emotion. Panic, fear, greed, insecurity, anxiety, stress, and uncertainty are the primary sources of short－term price change.
22. Bullish consensus is typically at its high when the market is at a top. Also there are few bulls at major bottoms.
23. Watch the spreads i.e., don't be bullish if inverses are narrowing.
24. Remember that a bear market will give up in one month what a bull market has taken 3 months to build.
25. Identify “the dominant factor” in each commodity. Be prepared to redefine this factor as conditions change.
26. Expand your sources for market info but limit your sources for market opinion.
27. Don’t ever allow a big winning trade to turn into a loser. Stop yourself out if market moves against you 20％ from your peak profit point.
28. It is never possible to know everything about anything. A commodity trader is in constant danger.
29. Successful trading requires four things. Knowledge, disciplined courage, money, and the energy to merge the first 3 properly.
30. Expect and accept losses gracefully. Those who brood over losses always miss the next opportunity, which more than likely will be profitable.
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