The 55 rules are summarized in a simple text, from the steps taken by John Piper to where he is now, which, in my opinion, to all traders and traders, almost all or most of them. They have to go through a stage where they can call themselves traders.
1. Our curiosity leads us to do some basic research and research on the market.
3- We buy one or two books and several reports and magazines.
– Things in the market that seem to be likable encourage you to research.
4 – Superficial interest in the market and trades from time to time and generally losing money and sometimes experiencing random success at this stage.
5. We generally forget our failures and take pride in our successes and encourage and persuade ourselves.
6. We prepare our own charts, which may be larger than usual and have several indicators drawn on them.
– We have developed a way to enter the market and we think that this method has no choice but to succeed!
2- We actively start our transactions.
2. The results warn us that it is not as simple as we think, and there are a few things to keep in mind.
2. We continue to trade faith and produce relatively “bad” results, but not in a way that destroys our interest.
– We still expect good results.
2. The volume of transactions and the amounts involved in them increase.
2. Reading and reading reports continue, but these only lead to more tension. We still do not know what to ask.
14. Our success score is relatively good, but our lack of trading skills leads to a lack of utilization and a decent profit from the market.
25. Gradually the fear of the market takes over our minds, but we are still in an alley.
26. We trade in the same way as before, and we trade in large numbers and evade the law of grading. It is only a matter of time.
Make a big profit for yourself and the feeling that everything is going well leads us to overconfidence.
– We make a big loss. Psychologically, the problem begins to grow.
2. We buy a computer and start looking at other indicators.
– We go to other markets and methods.
2. Finally, we lose all our money.
2. We clearly understand that it is not as simple as we see.
2. It seems that we can not continue in this way.
14. We find that not enough information is enough for those who want to make money in this market.
25. To fill this gap we try to create a reporting system to tell us how things are.
26. We invite an analyst to collaborate. Note that this is the worst thing you can do and the best thing you can do
Ask a trader for help.
– We continue to trade but at lower levels.
We start the daily reporter which is an immediate success.
2. All this requires a lot of personal research, study and analysis
But it is still not clear to us that trading is a mental matter
And other external categories (including computer methods and agents) and (almost all) irrelevant, unless you are mentally prepared.
2- Fear has taken over us and we still do not have a special way.
We understand that logical trading without a proper method has no result other than failure.
2- You were looking for a method.
The methods available in the market did not suit you and you start designing a special method for yourself.
4 – We start trading with our method, which of course is very difficult.
25. We do not come up with compelling reasons for our trades (something we did before we had the clarity) but we find that we have already looked at it: your inner currents work.
–6 – We understand that the main point in trading is our mind. Now we can start making real progress
– We start to complete our strategy and trade with a suitable size.
– But we are still scared and this is becoming a big issue.
We have already learned that it is necessary to reduce losses, but we cannot achieve the second part (maintaining the flow of profits) despite fear.
ھ – We continue to trade and hope that it will be good. Gradually the fear disappears.
40. We get another big blow.
40. We feel bad and think it’s better to give up, or maybe it’s better ھ We gave up the first time and a few years ago when we first got a call.
40. We continue to trade and try to avoid high self-esteem.
Armed with a stress management system, we will soon learn to meditate)
Something that is essential for any trader (and we find that we are always humble and like an empty container.
40. Choose another trader as a guide and he will introduce you to a method
Which is immediately liked by you and the reason is your appropriate (mental) status.
44. We build and develop our own system that leads to better outcomes and our mental state.
Fear is no longer an important issue.
45. We decide to meet with a transactional psychologist
46. We record large profits by allowing ten profits to flow into a transaction.
We do the same thing that every successful trader does.
Can we use this trick again?
40. We begin to move away from fear and reach the pivotal risk stage.
40. We understand that mental state is everything, and having peace of mind is vital, and we reduce the size of our positions again.
40. We spend a few days with our psychologist coach’s trading team.
50. We start making a profit in a sustainable way.
50 – We are a little proud of ourselves again! But this time we realize that we are wrong and we limit it with a small loss
And we remind ourselves again to stay humble.
50. Sometimes we trade unconsciously. We are becoming professional in this work.
50. We know we have many challenges ahead, but we can tackle them with confidence.
54. Stopping money becomes an issue. We really live in a world full of abundance.
55. We find that our lives are enhanced by trading, and we achieve our desires in many areas of life.