The ninth commandment of profitable trading is to eliminate mistakes. The trouble is most people don’t know they’re making mistakes. I wrote a document and it’s got 97 common trading mistakes people have called the Trading Mistakes Cheat Sheet. As you are doing your trading, your journal says, “Okay, what did I do wrong today? What went wrong? What could have done better?” And identify what could be improved or what mistake you made, and then fix it. You’ve got to be conscious because even if you’ve got the best system in the world, if you start making a few mistakes, those mistakes compound each other in the wrong direction. Therefore, you’ve got to consciously eliminate them so that you can get close to the expected profit of your strategy, you’ve got to put effort into that. It takes effort to trade perfectly.
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