Chapter 11 - Thinking Like a Trader W- I AM A CONSISTENT WINNER BECAUSE: 1. I objectively identify my edges. 2. I predefine the risk of every trade. 3. I completely accept the risk or I am willing to let go of the trade. 4. I act on my edges without reservation or hesitation. 5. I pay myself as the market makes money available to me. 6. I continually monitor my susceptibility for making errors. 7. I understand the absolute necessity of these principles of consistent success and, therefore, I never violate them. A - Mark is giving us the 7 principles of consistency. A- For me; I will be continuing to study, observe and live these principles. I am writing them on a board in my office along with the 5 Fundamental Truths. Like so many great books; it is not enough to read through the material...we have to know it, accept it and live it (IMO)! Talk soon everyone!

Thanks! There are so many things that came together to make it happen, it's hard to choose only one. I would say that the biggest help was switching from shares to options, as it kinda forced me to take more risk (you can't take less than 1 option contract haha). I think one of the biggest problem I had was that I would take very little risk and make very little profit, then I would be frustrated to make so little money on the biggest opportunities, and I would then manage to have hulk days on bad opportunities because of that built up frustration. So when I switched to options, I started making more profits because of the bigger minimal risk involved, and that fixed something on the psychological level. I got confident I could make money, finally, and losing wasn't as big of a problem as before because I would be able to recover faster. That kinda tipped the balance in my favor (because I already had a good win/loss ratio, its just that my wins were too small compared to my losses) and gave me confidence. And it all went better from there. There was definitely a big psychological thing I had to get over about risking money. I used to be afraid to risk 20$, now I don't mind 200$. I hope that makes sense. But simplifying my tools and watching only 1 stock was probably as important.