1. Self-Reliance. A man must think for himself,
must follow his own convictions. George
MacDonald says: “A man cannot have another
man’s ideas any more than he can another
man’s soul or another man’s body.” Self-trust
is the foundation of successful effort.

2. Judgment. That equipoise, that nice
adjustment of the faculties one to the other,
which is called good judgment, is an essential
to the speculator.

3. Courage. That is, confidence to act on the
decisions of the mind. In speculation there is
value in Mirabeau’s dictum: “Be bold, still be
bold; always be bold.”

4. Prudence. The power of measuring the
danger, together with a certain alertness and
watchfulness, is very important. There should be
a balance of these two, Prudence and Courage;
Prudence in contemplation, Courage in execution.
Lord Bacon says: “In meditation all dangers
should be seen; in execution one, unless very formidable.”
Connected with these qualities,
properly an outgrowth of them, is a third, viz:
promptness. The mind convinced, the act should
follow. In the words of Macbeth; “Henceforth the
very firstlings of my heart shall be the firstlings
of my hand.” Think, act, promptly.

5. Pliability. The ability to change an opinion,
the power of revision. “He who observes,”
says Emerson, “and observes again, is always
formidable.”

The qualifications named are necessary to the
makeup of a speculator, but they must be in well-balanced
combination. A deficiency or an overplus of one
quality will destroy the effectiveness of all. The possession
of such faculties, in a proper adjustment is, of
course, uncommon. In speculation, as in life, few succeed,
many fail.

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1. You shall learn from successful trend followers to make big returns int he market.
2. You shall follow the trend only, and have no guru that you bow down to.
3. You shall not try to predict the future in vain, but follow the current price trend.
4. You shall remember the stop loss to keep your capital safe, you shall know your exit before your entry is taken.
5. Follow your trend following system all the days that you are trading, so that through discipline you will be successful.
6. You shall not give up on trading because of a draw down.
7. You shall not change a winning system because it has had a few losing trades.
8. You shall trade with the principles that have proven to work for successful traders.
9. You shall keep faith in your trend following even in range bound markets, a trend will begin anew.
10. You shall not covet fundamentalists valuations, CNBC talking heads, newsletter predictions, holy grails, or the false claims of black box systems.