Cyrox Scalping Journal: Starting fresh

Sunday, October 26, 2008

Starting fresh

Just got back from meeting LT in Toronto. The biggest take-away is of course the fact that I need discipline. I will now track the number of days that I follow my discipline to the 'T'. Breaking the discipline means I am not ready to trade.

Experimentation is

Also, things to do:
1. Ask if ADMD is FDIC insured
2. Ask if forex taxes need to be reported quarterly

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Disciplines (From "25-pt mantra")

01. The market pays you to be disciplined
02. Be disciplined every day, in every trade, and the market will reward you. But don't claim to be disciplined if you are not 100% of the time
03. Always lower your trade size when you're trading poorly
04. Never turn a winner into a loser
05. Your biggest loser can't exceed your biggest winner
06. Develop a methodology & stick with it. Don't change methodologies from day to day
07. Be yourself, don't try to be someone else
08. You always want to be able to come back and play the next day
09. Earn the right to trade bigger
10. Get out of your losers
11. The firsrt loss is the best loss
12. Don't hope and pray. If you do, you will lose
13. Don't worry about news. It's history
14. Don't speculate. If you do, you will lose
15. Love to lose money
16. If your trade is not going anywhere, it's time to exit
17. Never take a big loss. Only they can hurt you
18. Make a little bit everyday. Dig your ditches. Don't fill them in
19. Hit singles not home runs
20. Consistency builds confidence and control
21. Learn to sweat out your winners
22. Make the same type of trades over and over again - be a bricklayer
23. Don't over-analyze. Don't procrastinate. Don't hesistate. If you do, you will lose
24. All traders are created equal in the eyes of the market
25. It's the market itself that wields the ultimate scale of justice