Thank you so much.
Stealing this from @chipotlebop
( hope you don't mind Gary):
Beliefs Ė consistently good trading edge
1.I objectively identify my edge.
2.I predefine the risk of every trade.
3.I completely accept the risk or I am willing to let go of the trade.
4.I act on my edges without reservation or hesitation.
5.I pay myself as the market makes money available to me.
6.I continually monitor my susceptibility to making errors.
7.I understand the absolute necessity of these principles of consistent success, therefore, I never violate them.
1. I am a successful trader
2. I believe in my strategy
3. I anticipate the settups
4. I execute my settups with fast precision
5. I adapt quickly to a change in market conditions
6. I wait patiently for my settups
7. I do not touch the mouse when I see trades
that are not part of my trading plan.
8. I only execute according to my trading plan.
9. I manage risk with order flow
10. I quickly exit if order flow invalidates the settup
11. I reverse
my position of the settup signals
12. I monitor my thoughts and behavior
My own version Sun Tsu applied to trading:
5 Essentials for victory
1.He will succeed who knows WHEN to trade and WHEN NOT to trade.
2.He will succeed when he is prepared and anticipates the precise moment to strike.
3.He will succeed who is fully engaged and not distracted by negative thoughts.
4.He will succeed who understands his competition and their motives.
5.He will succeed who is calm throughout the trade action.
If you know the market participants and know yourself, you need not fear a failed trade.
If you know yourself, but not the market participants, for every victory you will also suffer a defeat.
If you know neither, you will be defeated in every battle.
I profit by making NO errors. Making NO errors is what establishes the certainty of victory, for it means conquering the market participants who are already defeated.
A skillful trader puts his trades on in at the right location which makes self defeat impossible and does not miss the moment for defeating his opponents.
Now back to how to become a stress-free trader:
So today I made through first six chapters. He talks about good karma total responsibility have a system that gets you I suggest looking at @aztrader9
's Zen and the Art of the small account, and his trading journal elite section.
So the first section of the book is the seven secrets of successful trader
have a system that fits you
plan a trade and trade a plan
work hard at learning how to trade and working!
it's nothing personal
to be a successful trader, don't be a successful trader
I suggest reading each one of these chapters draw your own conclusions.
But I'll tell you what I thought was important.
Taking total responsibility for your trading is a very important point: You can't just take someone else's system and trade it. Not possible, this is why turnkey systems & black boxes don't work. You have to own it, you have to spend time with, it has to be you. If it's not your, you are just going to burn up money. Seriously. Never forget this. I spent a lot of time working on my system. My biggest problem has been medications that kill my focus.
My system is based on my main trading tool reading the DOM
. I start with looking at a volume ladder on several time frames. I use a top-down approach looking at a day chart to gain perspective, an 8K volume ladder and 8K volume chart &, a 1--2K volume and in a 1-2 K volume ladder, finally I use what I call my super scalper
, which allows me to see fine structure of price action
. All of these are used to tell me when it's time to read Dom.
It is my system, I put together, so I take total responsibility for its execution.
So now that I have any system for which I take total responsiblity, I must turn into written rules. This is something I will work on later. Will post setups in my Price, Volume and the DOM thread.
Anyone reading this - I am telling you what you need to do.You you must have a system & take total responsibility for its results. If you read @Big Mike
's posts you will see that he is always telling you it's within you succeed. You will get out of the market what you think you deserve somehow it's all tied to this. It's not the market, it is you.
They say it takes 10,000 hours to become an expert, there are posts on this forum concerning this topic, search them out. To save my wrists I'm not going to add every single link here, I'm a make you work a little bit. Just know it's true you want to get good at something work at.
I really liked twists I discovered in the thinking positive chapter. It's not about positive it's about doing all the other things before you think positive. You can't just say you are going to make $million a week.
I don't care how much positive thinking you do. It won't get you $1 million. You have to put in a lot of effort to get to the point to do this. You have to trust your system, you have to know that as an edge. Only then can you think positive about your system.
The market doesn't care about you- don't anthropomorphize the market. It's a collection of individuals all doing whatever they think they can do to make money. At this I also recommend reading Trading in the Zone by Mark Douglas, again search it on the forum. (to save my wrists I'm not going to add all the links like I usually do.) So don't blame market when you have a bad day, it's your responsibility trade well, no one else's. Don't listen to pundits, don't watch the news, don't look for tips as I said before forget about trade some else's system black boxes all that stuff up will just blow up your account. I know been there done that. Not going to happen this time. You can't let emotions get in the way, you can be like ice either. Don't play would have could have should have. You should do everything according to your rules and make sure your rules drawn up so that there's really an edge.
It's not about being right, it's about having an edge. I suggest at this SIM'in, until you feel a until you're sure that you have an edge again look at Zen and the Art of small account. Phenomenal, what Brian has done in that thread gives hope to all traders starting with small accounts that might even help those with big accounts. Again my policy is to not add links save my hands.
Okay this is really important you know your life, trading is to be just one part. More and more I'm reading threads how people are limiting the amount of time they spend in front of the screen. In other words want quality trading time not quantity.
So, again to summarize really page 82 of how to become a stress-free trader.
And I really like this, successful trading is:
Get to this point and you will be a consistently successful stress-free trader.
Even this little bit of typing is stressing my hands, I'm done. Probably won't be posting again until tomorrow on Brett.