Your number 2 point, ‘learn how to take risk’ isn’t something you ever master, like “learning to play piano” or another discrete skill where you develop a level

Your number 2 point, ‘learn how to take risk’ isn’t something you ever master, like “learning to play piano” or another discrete skill where you develop a level of proficiency that then guaranteed you can perform successfully at an arbitrary level. Trading is incredibly frustrating in that regard. (Yes, trading is not the only form of risk taking, but it’s my profession and what I focus on). Even after doing it successfully for 20+ years o can’t really explain or teach how to do it, like I would if I was an experienced carpenter , musician, accountant. I think the important lesson that SHOULD be learned about risk is very simple but incredibly important to long term success— avoid existential risk. In trading this typically manifests as people “selling wings” — ie selling very low probability options that have enormous downside in the exceptionally rare case they come to the strike price. Another variation I avoid is taking personal leverage on my own investments. Yeah I don’t make as much in the good times, but I also am never annihilated by a margin call. These two things happen all the time, and way more often than everyone but grizzled survivors appreciate.