If I was what was needed to achieve success at any endeavour in a reasonable amount of time, these are the most important ideas I would want the subject to comprehend. They are the building blocks to my trading progress. I am convinced that when practiced with consistency these 3 Blocks will ultimately produce the desired rewards.
SELF MONITORING- A system put in place to Monitor personal performance, such as a Journal or Score card or any manner of documenting performance of self. This has NOTHING to do with Profit and Loss, Bottom Lines or Outcomes but EVERYTHING to do with grading things such as Quality of Thinking, Emotional control, Patients & Timing, Focus/Concentration and the act or repeating fundamental Process.
For this I use my FundsDirect Score Card. The original scorecard was created and provided by Don Miller. I changed his original to fit my personal style. Without self Monitoring you can never review your progress thus you are prone to repeat mistakes.
REPETITION - This is the constant repeating of the fundamental PROCESSES that have proven to be successful. Creating good habits through constantly repeating things such as, Pre preparation Routines, Entering and Exiting on rule based Specific Setups, completing Self Monitoring Worksheet and Keeping to an well define ROUTINE. This includes keeping your VISUAL Screens and charts Stationary (ie. NOT CHANGING THE LOOK or ADDING EXTRA INFORMATION) for an extended period of time. Over time our brains will simplify seemingly complex patterns of information thus allowing us to act with subconscious wisdom. That is to act without thinking, the ideal state of performance or the "ZONE"
PROCESS PERFORMANCE - Continued Focus on the PROCESSES as opposed the Profit/Loss. If we can master the process needed to improve upon ones overall performance, then the P/L WILL reflect this mastery over time. This concept is VERY important and one that is simply overlooked by most as we are taught that the Bottom Line is the end all be all. This thinking creates ATTACHMENT TO OUTCOMES. When we become attached to an outcome we are blinded and unable to see other avenues of potential, and equally as important we become BLIND TO THE ACTUAL PATH TO THE OUTCOME WE WANT TO ACHIEVE. It is a self defeating process that is soo subtle it is very often over looked.
This is true for any life endeavour. Havent we seen the person, athlete or individual who casually performs fundamental aspects of their craft with a type of playfulness and calm that is seemingly carefree? And havent we seen the person, athlete or individual who stresses and strains over the need for the outcome to manifest while paying very little attention to the FUNDAMENTAL processes?
The former is usually the one that achieves greatness.
The later is the one that usually loses confidence in the process that was ignored the whole time, leading to failure or simply justifying Quiting.
Which one of these are YOU?
