If he could offer one piece of advice to today's young traders, what do you think it would be?

Ha, that's a great question. The legendary trader Takashi Kogashira (B.N.F.) is quite an enigma. He rarely gives interviews, leaving behind very little information. Any advice from him can only be speculated based on his few interviews and trading style.

If I had to guess what he might say to young traders today, it probably wouldn't be some profound theory, but rather the simplest, most fundamental, and yet hardest things to adhere to.

I think he would emphasize this point:

"Spend more time watching the charts than listening to noise."

You might think, "Isn't that just stating the obvious?" But this is actually the core of his success. Let me break down this concept into a few points everyone can understand:

1. The market itself gives you the answers, not other people

What does this mean? Many beginners, including myself in the past, love chasing news, rumors, and opinions from various "experts." One expert says it’s going up today, another news story says it’s falling tomorrow – we end up getting pulled around like headless chickens.
How did B.N.F. approach it? He barely paid attention to any of that. He simply kept his eyes glued to the screen: the candlestick charts, trading volume, and moving averages. For him, price movements were the market's "language." Whether a stock is strong or weak, or whether money is flowing in for accumulation or distribution, all leave traces in changes to price and volume. His job was to read this direct language, not digest "secondhand news" from others.

Analogy: Want to know if it's cold outside today? The most direct way is to walk to the window and feel for yourself, not to listen to three people tell you it "seems" a bit chilly. The charts are that window; the news and analysts are those three people.

2. Find your own 'reference point' and master it

What does this mean? B.N.F.'s most famous strategy involved focusing on the distance a stock price strayed from its moving average (like the 25-day line). Think of this as his "anchor" in the vast, chaotic market. When the price stretched like a rubber band too far from this anchor, he considered it likely to snap back.
Insight for young traders: Your trading system doesn't need to be complex. You don't need to understand macroeconomics, nor calculate intricate financial models. Learn from him: find a simple, visually identifiable reference point. It could be a moving average, a key price level, or even a specific volume pattern. Then, dedicate massive amounts of time to observe, study historical data, and drill this one simple technique into your signature move.

Analogy: When learning martial arts, don't try to master "The Eighteen Dragon-Subduing Palms" all at once. Start with the most basic technique – the "horse stance." Master it until your foundation is unshakeable; then you have the base for everything else. B.N.F.'s "bias rate" was his "horse stance."

3. Discipline outweighs intelligence

What does this mean? B.N.F.'s trading was remarkably cool-headed and decisive. His buy and sell executions were almost mechanical. If a situation deviated from his projection, he wouldn't hesitate; he'd cut losses immediately without a trace of wishful thinking.
Insight for young traders: The worst enemies in trading are phrases like "I think...", "I hope...", or "Let me just wait and see a bit longer...". These emotions will only deepen your losses. You must set rules (e.g., "Exit immediately at a 5% loss") and execute them robotically. The market doesn’t care about your feelings; it only respects the final outcome. Controlling yourself to avoid catastrophic mistakes is far more important than occasionally catching a huge rally.

In summary

So, if I had to summarize B.N.F.'s probable advice in one sentence, I believe it would be:

"Treat trading as a craft, not as gambling or an intellectual game. Like a craftsman, observe your materials (the charts) day in and day out, use your most comfortable tool (your trading system) to refine your execution repetitively, and rigorously follow established rules (discipline)."

This sounds tedious, neither glamorous nor exciting. But it might just be the most genuine path to success.