I previously used my journal "Maintaining Self Discipline" to document my journey in trading and attempts to be better disciplined. I'm learning that self-discipline in trading is not enough if one is not using a good rules-based system. For example, I can be disciplined to start at the same time every day, to stay with one instrument traded (well, I do struggle there), and make myself follow generalities that I've adopted for the way I want to trade. But without having a preset plan for different scenarios, I am caught off guard and make decisions that are not rules-based. That's kind of the difference between discretionary trading and an automated system. There are so many ways that a discretionary system can become a loose system that isn't well structured, that a computer program at least has the advantage that it sticks with only the rules it's programmed to follow.
So, rather than discuss actual trading or what I'm doing in trading, I thought I'd start a compilation of quotes or book titles or links to sites that I come across that will help me stay focused on the goal of becoming a discretionary rule-based trader, and perhaps eventually make an automated or semi-automated trading system based on those same rules.
The saying, "you are what you eat" kind of has a broader application. Just like how the things we eat become the building blocks our body uses for itself, the things we put into our minds can be used to build foundations for success or failure. The things we put effort and time into, we (usually) get better at. Trading might be an exception...some never get better, I think. But anyhow, by making entries into this journal once a week or so, it will serve as a reminder to really focus on becoming a rule-based, disciplined trader.
The rules need to be what I know works. The self-discipline is what is needed to stick with those rules.
https://www.quora.com/Do-you-follow-a-rules-based-trading-system
So, rather than discuss actual trading or what I'm doing in trading, I thought I'd start a compilation of quotes or book titles or links to sites that I come across that will help me stay focused on the goal of becoming a discretionary rule-based trader, and perhaps eventually make an automated or semi-automated trading system based on those same rules.
The saying, "you are what you eat" kind of has a broader application. Just like how the things we eat become the building blocks our body uses for itself, the things we put into our minds can be used to build foundations for success or failure. The things we put effort and time into, we (usually) get better at. Trading might be an exception...some never get better, I think. But anyhow, by making entries into this journal once a week or so, it will serve as a reminder to really focus on becoming a rule-based, disciplined trader.
The rules need to be what I know works. The self-discipline is what is needed to stick with those rules.
https://www.quora.com/Do-you-follow-a-rules-based-trading-system
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