This is my updated list for you all. These best practices always serve as a solid reminder of what it takes to get to the next level. Trade well. Dr Doug Hirschhorn
H/T Harvest
Doug Hirschhorn, PhD | Website: www.DrDoug.com
15 Best Practices Doug Hirschhorn observed over the years as a Peak Performance Coach to PMs at Hedge Funds
1) Ask yourself, “Is today a day to make money, do very little or limit losses?”
2) Always think, “If I had no position on right now, what would I do?”
3) Learn to endure the pain of your gains.
4) The path of the trade is much more important than the idea behind the trade.
5) Listen to observations rather than opinions.
6) 45% – 55% is the average winning % of Long/Short Discretionary traders (successful trading is not about being “right,” it is about making more when you are right and losing less when you are wrong.)
7) You can have 1000 reasons to get in a trade, but you only need 1 reason to get out.
8) Talk and think in terms of % and BPS rather than $.
9) Make decisions based on Expected Values.
10) The market does not know your position or your P & L and the market is not out to “get you.”
11) No Edge, No Trade Small Edge, Small Trade Big Edge, Big Trade
12) Trade your ideas, not someone else’s.
13) Making money is easy, keeping it is hard.
14) The market does not “owe” you anything.
15) H + W = P = E? (Hoping + Wishing + Praying = Exit the Trade!)
