humility to know that your price is wrong, so pay much less than what you think it's worth to get a margin of safety--the most important thing in investing. Then, be patient and wait until you get something at a good price. Then sit on your patooty and hopefully buy more as it hopefully goes down even more. Then once you have a good position, sit on your patooty, or sell options to lower your basis even more. When you think something is above it's intrinsic value or way above more likely, sell it.

This takes practice. Years of practice. Lots of reading. Familiarity with investment ideas and industries. It is probably my favorite thing to do besides surfing (I don't do much anymore cuz I live in the Utah).

You referenced trading. I do lots of trading/educating gambling, but it is only one income stream. I'm referencing an investing idea here. But since I'm a bit technical, I also use trading, with options, to get in and out of positions. Sometimes that works better, and sometimes I'm better doing less.