|  APR 1989

Discipline in trading by James Covington Bryce

Discipline in trading by James Covington Bryce I would like you to bear with me for a moment and consider something that, at first, might appear to be a little ""far out."" Let's say all of a sudden you found yourself going about your daily tasks but you didn't have your body! Now I know it is a crazy idea, but consider it for a moment. How would you describe yourself? What would you be? You only live in your body. What you are really is not tangible, i.e., it cannot be measured by any of the five senses. This, my friend, is a very important exercise relative to stock and futures trading because successful trading depends on knowing who and what you are. Most people simply do not know themselves very well and, consequently, are unable to identify their friends and their enemies within, much less control them. Anyone who actively trades the stock, option or futures markets is actually taking a major course in psychology and a minor course in trading. Traders find many of their ""selves"" staring them in the face every day. The smart thing to do is to take advantage of this through observing and taking note of these characteristics that are brought to the fore. ...

by James Covington Bryce