Can you commit?
"A dictionary defines commitment as a decisive choice that involves a definite course of action. In trading, this refers to a proactive approach where you promise a result - a financial goal - and then behave at your trading desk in such a way as to bring about that result....Commitment in finance is not simply a matter of working harder or motivating yourself with positive affirmations. You must be enthusiastic enough to explore all the ramifications of your trading behaviours. Trading in a committed way is a lifelong practice, and requires continuous self-examination and monitoring of your attitude and approach.
"In all the best traders I've met, I see three crucial attributes: 1) willingness to dig in, 2) put yourself at risk, 3) become what you say you will become."
The 10 Cardinal Rules:
- Function in a tense, unstructured, and unpredictable environment
- Independent thinker vs. not a conventional thinker
- Handle your emotions and maintain objectivity.
- Not relying on hope and fear in the conventional sense
- Work continuously to improve yourself, self-examination. Recognize your personality vs. the market
- Modify your normal responses to certain events.
- Willing to face problems, understand them, and recognize it's all related to your own behaviour.
- Know when problems can be resolved and then apply methods to solve them. May mean giving up some control in order to gain a different control.
- Matching the complexity of the marketplace to your personality
- A willingness to commit to the kinds of changes in personal habits and beliefs that will drastically alter your life. Letting go of your ego and the need to have things your way.
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