TLDR
Money is a byproduct of process. Trading is a business, not a hobby: it has profits and losses, and on average a proven process should yield a profit. Follow the process, accept the losses, turn your size down, know when to sit flat, and stay in your own lane. Break the rules and you’re gambling.
Ahoy there, Trader! ⚓️
It’s Phil…
Trading is a business
We expect to make money on average, just like any other regular real-world business. Real businesses have profits AND losses. Trading is the same.
Here are seven things that follow from that.
1. Money is a byproduct of process
It’s a given that we expect to make money on average, just like any other regular real-world business.
The object is to follow a proven process. The result is profit AND loss, which on average should yield a profit.
Chasing profit for profit’s sake will result in inconsistency and blowing up your trading account.
2. Losses will happen
Similar to number one: losses will happen, just as they do in regular real-world businesses. Trading is the same.
Expecting a 100% win rate is a sad reality that is peddled by the snake oil salesmen.
Real businesses have profits AND losses. Accept that they will happen and follow the process.
3. Revenge trading starts with no plan
The problem is not having a proven plan and process to follow. Without one, you can end up trying to win back the losses and revenge trading.
The best revenge for losses is to follow the process.
4. Size is the volume dial on your emotions
Being emotionally detached can take time. The simplest thing to do is reduce your position size.
Position size is like a volume dial on your emotions. If you’re not used to it, the bigger the size, the bigger the emotional response.
5. Long, short and flat
There are three conditions: long, short and flat. Not taking a trade, or knowing when not to trade, is just as important as when to trade.
Which makes it even more important to follow a mechanical, rules-based trading system.
6. Stay in your lane
Everyone is on their own journey. You may be on the same path, with the same system or process, but you can be further along or behind than the next person.
Comparing where you are with someone else is a fool’s errand.
Stay in your lane. Follow your path. You’ll get where you want to be when you’re supposed to.
7. Rules create the discipline
Rules-based trading will help you with discipline.
Occupy your time with other things. The activity of trading is very minimal. Boredom trades are a real thing. Emotionally reacting to the past trade is a thing.
A business, not a hobby
Remember, this is a business, not a hobby. Break the rules and you’re gambling.
Happy trading,
Phil
Less Brain, More Gain
…and may your trades be smoother than a cashmere codpiece
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