Rule Breaker

For some reason after breaking one rule, I broke by exit rule as well.

I have been trading for three years now and you would think that I would have learned my lesson by now.

Have you ever noticed that once you break one of your rules how easy it is to break others? Does one ever reach a point as a trader where they never break their rules? How many years does it take?

 

If you break it then it really isn't a rule, it's more like advice (which you can choose to accept or not).

 

Jabez: “Have you ever noticed that once you break one of your rules how easy it is to break others?”

Absolutely.

“Does one ever reach a point as a trader where they never break their rules? How many years does it take?”

I don’t know. I’ve been trading for many years and I still do stupid stuff. Just not as often.

I’ve noticed that to the extent that I have been able to automate or concretize my methodology I have been less likely to fall prey to rationalizations or subjective interpretation that can contribute to rule breaking. All within a spectrum, of course, since I cannot escape my presuppositions.

I think that I may have made that sound a bit more complex than I need to.

 

I too have found that I do not break rules as much as I used to. I think it has been about 2 or 3 months this time. It is just so frustrating. My first year I was trading like a kid with a video game. In my second year I starting documenting a trading plan with entry, exit, filters and rules. By the end of the second year this made trading a profitable business me. However, it would be a whole lot more profitable if I would stick with it 100% of the time.

 

Jabez 1947-Good point about documentation...................................[1]Noticed I'm less likely to break a written rule[like a written contract].100%good target,nobody hits that all the time,aim for it anyway..............[2]Interesting name Haven't some of your rules changed over the years?For example,changed from ''Go long above a moving average....................................to Generally go long above a moving average''The rule changed but the principle of support and resistance didn't..............................................{admit thats a bit more risky,more rewarding,I try to do it ,occasionaly especially when a multitude of indicators,especially price favor it . }

 

Yes, my rules have changed through the years. Also I found that different rules were need when we changed from the Bull market to the Bear market to the Dull market. Each of these changes needed minor tweeking in both Filters and Rules. Some of the rules I had at the very begining are not needed now. Looking back I sure did some dumb trading that first year. It is only through the grace of God that I had enough funding and winners to make it into my second year. Now at the end of my third year I feel that I am just starting to really get a handle on things.