I've been asked over three decades to present to others just a few of the secrets of trading. I am not one to want my picture front and center. I am not one to want my name a household word. I am not one to face the five-percent of those who would cry foul in giving to others what has been given to me. If I can save the grief of some of the trading torture to those who search out the knowledge of trading then I am in a position to acknowledge my debt.
Most traders think that the important element in success is knowledge.
In my trading career I have found that correct knowledge and the ability to change behavior are the most important parts of successful trading. Correct knowledge without behavior modification projects improper execution of an otherwise perfect trading plan. In three decades of learning correct trading knowledge and behavior modification, I have included in my trading plans, two rules that present me with the ability to change my thinking and behavior. Both rules are required for successful trading. Upon urging from a longtime trading friend, I shall share my insight on these rules.