Wednesday, 3 June 2020

Quote for the day

"The greatest test of courage on earth is to bear defeat without losing heart." - Robert Green Ingersoll

Traders Manifesto

By Janet Davis

The following 15 statements reflect my stance on the how, why, and what in trading. It affirms my beliefs after 15 years of experience in several different methods of trading, across many markets and time frames. It is my call to action for anyone who would like to readjust their current method of relating to the markets or for any one new to the process.

1. You must make your method your own. Whether you pay a service for entries or whether you have a method you developed, you must take ownership.

2. Trading is an inside job. You must understand implicitly who you are, what you stand for, and embrace your true self-worth, the one you were born with.

3. The markets will reflect your self-worth back to you and your profitability will be the manifestation of that belief.

4. Most traders are externally driven, they look to the markets, their method, the news, tips…to guide them. The problem with this is that their bottom line will reflect the flighty ups and downs of the uncertain world around them.

5. The market is not your friend; it is an unbiased system that is not present to work on your best behalf.

6. You are the only one who is in control. A system of rules and a time-tested method that is yours and yours alone is your only safety net and the clear path to your goals.

7. Don’t take it personal.

8. Don’t assume you know anything.

9. Trading is about probability; recognizing and acting on a clear edge.

10. It is necessary to understand and respect your boundaries; know who you are, what you want, and have a clear vision about where you are going.

11. Success doesn’t come from your method; it comes from you.

12. Anyone can do this, you must be open to change and unafraid of hard work.

13. You must keep your seat. Be calm, quiet, objective.

14. You must have conviction in yourself and your method.

15. The best learning comes from your mistakes.

“Arise, Go forth, and Conquer” – Alfred Tennyson