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An important fact about the market that everyone knows, and yet the majority of traders conveniently forget, is that the market waits for no one. When you are trading, you are existing within a moment of time, and accordingly you must reach a decision within that moment of time. The moment of time that you exist in is a decision only you can make. When you are considering getting long, that is not the time to be wondering if your methodology is valid. |
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"A trader who hesitates has already lost." |
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When you commit your methodology to a piece of paper, you are creating a shortcut for your brain. All your brain has to do is to almost instantly take in all the relevant facts, and say "Yup, it all checks outget long now." Your brain will also let you know when your methodology is incorrect, or if it has become obsolete, assuming you have mastered your virtues, beliefs, and vices. Your ego will give you all the reasons that you do not need to take the time to commit your methodology to a piece of paper. This is because by writing down your methodology, you confront and dominate your ego in a manner that it is unable to escape from. |
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By writing down your beliefs, expectations, and rules, you will create certainty. Your level of confidence will increase dramatically, since you will no longer fear your own actions. Your level of discipline will increase, because you can no longer "fudge" your entry or exit. Since you took the time to research the validity of your trading methodology, and you have quantified all aspects of your methodology, the level of courage you have will also be vastly increased. Your mind no longer has to convince itself of the validity of the methodology employed, so it can allow some of the conscious mental energy to be diverted to the unconscious, thereby increasing your level of intuition. When you took the time to write your methodology down, you were also making a commitment to yourself that it was well worth the time to do so. This commitment dramatically increases the amount of time you will persist in the trading endeavor. Your integrity will increase so much that you will wonder why most traders don't write down their trading methodology! |
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