1) Think in terms of the long run when trading.
2) Avoid outcome bias.
3) Believe in the effects of trading with positive expectation.
4) The secret of trading and of the Turtles' success is that you can trade successfully by using ideas and concepts that are well known and have been around for years. But you have to follow those rules consistently.
5) Trade with an Edge : Find a trading strategy that will produce positive returns over the long run because it has a positive expectation.
6)Manage Risk : Control risk so that yo can continue to trade or you may not be around to see the benefits of a positive expectation system.
7) Be Consistent : Ex cute your plan consistently to achieve the positive expectation of your system.
8) Keep It Simple : The core of the approach is simple : catch every trend. Two or more trades might account for all the profit, so don't miss a trend or you might kill your whole year.This is simple and easy to understand, not easy to do.
9) Turtles do not care about being right, they do not pretend to be able to predict the future. It is impossible to know whether a market is going to go up or down or whether a trend will stop now or in two months.You do know that that there will be trends and that the character of price movement will not change because human emotion and cognition will not change.It you have 10 losing trades in a row and you are sticking to your plan, you are trading well; you are just having a bit of bad luck.
10 ) Forget the past, don't berate for mistakes you made.Avoid recency bias.The ability to avoid recency bias is an important component of successful trading.
2) Avoid outcome bias.
3) Believe in the effects of trading with positive expectation.
4) The secret of trading and of the Turtles' success is that you can trade successfully by using ideas and concepts that are well known and have been around for years. But you have to follow those rules consistently.
5) Trade with an Edge : Find a trading strategy that will produce positive returns over the long run because it has a positive expectation.
6)Manage Risk : Control risk so that yo can continue to trade or you may not be around to see the benefits of a positive expectation system.
7) Be Consistent : Ex cute your plan consistently to achieve the positive expectation of your system.
8) Keep It Simple : The core of the approach is simple : catch every trend. Two or more trades might account for all the profit, so don't miss a trend or you might kill your whole year.This is simple and easy to understand, not easy to do.
9) Turtles do not care about being right, they do not pretend to be able to predict the future. It is impossible to know whether a market is going to go up or down or whether a trend will stop now or in two months.You do know that that there will be trends and that the character of price movement will not change because human emotion and cognition will not change.It you have 10 losing trades in a row and you are sticking to your plan, you are trading well; you are just having a bit of bad luck.
10 ) Forget the past, don't berate for mistakes you made.Avoid recency bias.The ability to avoid recency bias is an important component of successful trading.