Believe in it.

I have a friend who is one of the most charismatic and effective people I know.  His secret is that he believes it. Whatever he is saying, he is always at max position. That is not right for me but it is right for him.  He is willing to accept the risks and own the results.

Trading is the same way.  If you completely dismiss anyone’s “edge” it is not only a waste of time but it is like telling someone that their favorite song is bad.  Traders require two things.  A set of rules and a strategy or what we refer to as a trading plan.  A set of rules should be limits not limitations. Meaning that they should promote growth not box it in.  Example would be never trade <insert> time of day, type of day, day of the month.  What happens if that becomes the best time to trade?  A strategy requires three things.  Repeatability, ability to learn, and ability to act on the knowledge.  We all know every trade is not the same but are you trading it the same? If so why?  Chances are it lacks that criteria.

More concisely said do what works for you and do it full go as you accept the risks along the way.  If you can’t do it full go ask yourself why.  I am not saying all trading plans (rules + strategy) work.  Some are more efficient and allow you to actually reach your goal. As for my friend, there are risks in being ridged in an approach but if you own the results there is nothing more to say.

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  • rruscio

    Password? Did I miss something?

One Response to Believe in it.

  1. rruscio says:

    Password? Did I miss something?

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