StockFetcher Forums · General Discussion · THE 21 IRREFUTABLE TRUTHS OF TRADING<< >>Post Follow-up
6,359 posts
msg #31803
Ignore TheRumpledOne
4/19/2004 6:21:22 PM

My notes from the book (so far)...


P-32 "... The vast majority of traders and people do not have the determination to take control of their ego or their belief

structure. Many times you will know the right thing to do, in trading or in life, yet be unable to follow through. Always

remember that it is your beliefs that are causing the hesitation. Often the hesitation occurs because your beliefs or values

are themselves in conflict. Hesitation will always arise when discipline is lacking."


In order for you to trade with total integrity you must master the following:

* Your ability to control your unconscious thoughts

* Your ability to create empowering beliefs

* Your confidence in your abilities

* The discipline to obey your trading rules at all times

* The ability to tell the difference between "into wishing" and intuition

* The ability to persistently develop your trading abilities in the face of hardships.


The biggest consequence of doubt is indecision. Like a departing ship, the market waits for no one. Traders who have doubts

are unable to make a trade when they need to - before the ship leaves the pier. Whenever traders say they knew the market

was about to go up and missed the move, it is because of doubt - typically they lost trust in their abilities or beliefs

about the market, or experienced different levels of fear. Whenever you find it difficult to enter a trade you must take the

time to ascertain the reason you are experiencing doubt. Then you must change the limiting belief or create enough

references that will allow you to trust the validity of your thoughts.

Doubt will cause you to be indecisive, hesistating before entering or exiting the market. Indecision is the inability to act

or to decide. Indecision is cause by fear, doubt, and a lack of strong virtues and empowering beliefs. Traders in an

indecisive state normally feel discomfort and deep apprehension.


Your goal is to become as objective about the market as possible. Some of the enabling beliefs you should possess are to

feel no pressure or fear to enter any particular trade and no sense of rejection or anger on making a losing trade, you know

that ther is no right or wrong - only outcomes. You have the discipline always to undertake a particular action
if the market is presenting a particular pattern. You are focused on the structure of the market in the time frame you are

trading in, not on making money. You have already decided in advance what action to undertake in particular situations.

You have released yourself from the need to be right, and don't care what the market does.


Successful traders obtain consistent profits. Losing traders obtain consistent pain. In order to become the trader you

desire, you must change the internal representations of what a loss means. You must diligently apply yourself to mastering

your perceptions, believing with certainty that you will transform yourself into an outstanding trader, have the discipline

to develop and obey your trading methodology, have the courage to execute your methodology without hesistation, have the

wisdom to differentiatte between "into wishing" and intuition, have the persistence never to quit, have the integrity to

stand apart from other traders, and have the mental flexibility to be open-minded. If you do, I promise you that at some

point in time you will represent a loss in such a way that you will become a highly profitable trader.


257 posts
msg #31845
Ignore xplorer
4/22/2004 8:38:51 PM

Bravo !

... very insightful ! ... well said !

6,359 posts
msg #36450
Ignore TheRumpledOne
6/24/2005 9:14:13 AM


StockFetcher Forums · General Discussion · THE 21 IRREFUTABLE TRUTHS OF TRADING<< >>Post Follow-up

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