A Key To Successful Trading Is Knowing Yourself

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A key to successful trading is knowing yourself. Only by knowing yourself can you develop objectives and trading systems that fit you. In other words:

1. You need to find a trading system that fits you.

2. In order to accomplish that, you must know:

  • Your values
  • Your strengths
  • Your weaknesses
  • Your parts (as described in Edge 3, Step 1)
  • Significant beliefs (spiritual, self, market, system)
  • Trading edges
  • Trading weaknesses

3. You can trade only your beliefs about the markets, not the markets themselves. Thus, you should know and understand your beliefs and whether they are useful.

4. System development is 100 percent (1) beliefs, (2) mental states, and (3) mental strategies. Thus, it is 100 percent psychology.

5. You must know your personal criteria for being able to trade a system with confidence.

Excerpted from 
Eight Edges You Must Have ebook, Wiley and Sons.

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