Be totally honest with yourself â always Listen to (be swayed by) no one Be humble Willingly admit when youâre wrong You donât know a thing â accept that Defining and following a process â is everything Always do what is necessary â above all else When trading â nothing else matters â allow no distractions (all be they internal or external) The only goal â protect capital first â make money second Keep things simple RN
RN's got it covered. although i might add courage, because that's what it takes to be totally self-honest.
Yes Sir Ree Bob... Btw â agree itâs a pretty ambiguous/ all encompassing sentence⦠but/ and; with the respect to the business of trading there are many things we must do â alwaysâ¦, continuouslyâ¦, and consistently ============================================ So how bout I limit my breakdown to the OPâs theme â discipline The always do what is necessary; Market is uncertain â to stand any chance of longevity â and/or to create any sort of consistency â we must have a consistent trading plan / process/ approach Doesn't need to be complicated â but it does need to be constant (of course modified as/ if necessary only during off hrs) We must apply above said plan/ process/ approach â consistently â day after day.., month over month.., year after year (Btw doing this has an inherent edge few recognize) We must approach each day with a neutral bias (centered if you prefer) â and allow price to develop the bias we but follow Losing Trades; We must keep them, occasionally equal to our winners.., but by in large â smaller than our winners We must accept losing easily Winning trades; We never know how far (or even if) price will move in our direction.., or if price will end up retracing to give us a loss â we must manage every wining trade to the absolute best of our ability â every time Both losers and winners â we must accept each equally.., maintain emotional / psychological equilibrium â and simply move on to the next trade We must maintain patience and focus â which btw begets discipline (which must also be dutifully and consistently maintained) There are times to stay out of the market â thusly we must do so every time it is required Setups â we must take every one â fore even though the last âhow ever manyâ trades were losers â the one we donât take â is the one that would have made up for all the losers â and put us in the black (profitable) (again taking every set up is an inherent edge few recognize) Uncertainty â we must learn to accept it completely (which is easier said than done⦠and very easy to fool oneself that they have) â and become comfortable enough to function⦠and ultimately thrive in it Always have complete humility / openness (market does change) / willingness to learn / willingness to change Always take full and complete responsibility and accountability â never make excuses And this list could go on and on â but I think the above is a decent sampling Finally the above all else... Every human emotion, want, need and/ or desire â possible (real or imaginary) (and more on emotions in a bit) Life Shocks to the mkt/ black swans Anythingâ¦,and everything.., (trade long enough itâll happen) Must never allow anything to sway us from the task at hand â which is; Trading with a consistent plan/ approach/ methodology⦠taking every set up⦠keeping losers equal to (sometimes) and smaller than (most times) the winners While never missing a beat â no matter if weâre pissed off, happy, sick, up, down, or sideways (or ate Mexican food the night before â little humor as I love Mexican food) ======================================= A comment on emotions/ being human I donât think a person can set their emotions (humanness) aside and trade like a robot â impossible to be what youâre not⦠But; if you come to accept and embrace your shortcomings/ frailties â then a person can do what is required in spite of their emotions (humanness) There are many non trading examples of people doing exactly that every day ================================================ Something to ponder; We can bullshit (fool) each other⦠we can bullshit (fool) our friendsâ¦, our familyâ¦, even our self There never has been.., isâ¦, or will be â a trader â who can bullshit their PnL RN
* Share everything. * Play fair. * Don't hit people. * Put things back where you found them. * Clean up your own mess. * Don't take things that aren't yours. * Say you're sorry when you hurt somebody. * Wash your hands before you eat. * Flush. * Warm cookies and cold milk are good for you. etc...
And your point is Hesitant to jump to a conclusion that this is some passive aggressive commentary - we'll see RN
That there is no "core values" that contribute to success in trading - it's a profession, albeit with a little more decay in the skill set then your average carpenter.