7 principles of consistency
Mark Douglas wrote, "Trading in the Zone", and was known for his seven principles of consistency - the 7 means of measuring if you were in fact "trading in the zone" or doing something else- usually at the detriment of your trading account.
The 7 principles of consistency relative to flux time cycle trading are especially important, I believe - because you are anticipating something happening, versus sitting at the computer and fretting over whether or not the very next candle will be a trade, or not. The Flux time cycle indicator drills down and says, "don't even bother looking for a signal here, now....walk away".
Douglas says that most traders won't create rules and plans because by doing so, they would be held accountable to a standard by which they could be measured. They would in effect be held responsible for their decisions in the constraints of their plans and trading rules.
Go through each of these seven rules, and you'll note a strong undertone of preparedness. There is a tremendous amount of work that the trader is exhorted to do LONG BEFORE THE ENTRY. There is work done in advance, which enables the trader to act effortlessly in the moment and trade in the zone when the signal comes into existence.
I was watching the markets today and couldn't help but notice that the Flux turning times - the midst of the market melt downs, were 70% accurate. Wait for the right time - jump in - and you were in the flow of the market immediately in the green, 7/10 times, across 32 signals.
I can't think of anything a trader can do, in preparation for a trade - that would benefit their confidence - as much as a time cycle indicator like the Flux.
I think the 7 principles of consistency are a great way to measure yourself - to reflect as a trader and discover if you are fooling yourself into believing your a trader - or acting like a real one.
The 7 Principles of Consistency:
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