1. I will create game plans for all my trades. 2. I will only trade when I have an edge. 3. If I have 3 losing trades in a row, I will take a break, walk away, and clear my head. 4. I will never trade for revenge. 5. Any time I’m hoping, wishing, or praying, I will exit the trade immediately. 6. I will never give back more than half my profit on any trade. 7. I will keep a daily trading journal and email it to someone who will hold me accountable. 8. I will think in terms of probabilities and risk/reward. 9. I will remain objective in my trades by asking, “If I had no trade on, what would I do?” 10. I will never put more than 20% of my capital at risk in any single position. 11. I will not make trades just because I’m afraid to “miss out.” 12. I will quickly recognize my emotions and compartmentalize them raither than waste time trying to get rid of them. 13. I will trade to make money, not to be right..
Self Awareness: They know their personality and how they are hardwired as a person. They then develop a trading style that is in-line with their personality.
Know your edge: They know what their ideal set-up looks like. They trade only when they have an edge and they vary the size of their trades based on how much edge they have: Big Edge = Big Trade; Small Edge= Small Trade; No Edge = No Trade.
Accountability: They keep a daily trading journal so they can review what they are doing well/poorly, game plans, trade sizes, etc.
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