But first, it’s been a while since we’ve played my favorite trading song,"Before He Trades a Carrie Underwood Parody."
12 Steps To Stop Gambling/Trading Poorly As Adapted From Alcoholics Anonymous
Courtesy of Timothy Sykes
Here are 12 steps to stop gambling/making dumb trades…adapted from AA…and start taking a breath and being more meticulous before you put any $ to work in the markets…as I preach in ALL my instructional trading DVDs:
1. We admitted we were powerless over greed/gambling—that our accounts had become unmanageable.
2. Came to believe that discipline greater than our greed could restore us to profitability.
3. Made a decision to turn our will into a ruthless trading machine as we understood it.
4. Made a searching and fearless trading inventory of our strengths and weaknesses.
5. Admitted to our accountants, to ourselves, and to other traders the exact nature of our wrongs.
6. Were entirely ready to learn how to remove all these defects of character.
7. Humbly asked TIM to remove our shortcomings. [In the AA program, one would humbly ask a higher power. – Ilene]
8. Made a list of all stocks we had traded poorly, and became willing to make amends to them all.
9. Made direct amends on such trades wherever possible, except when this step didn’t make sense.
10. Continued to take personal trading inventory and when we were wrong, promptly admitted it.
11. Sought through research to improve our conscious contact with disciplined trading as we understood it, hungering only for knowledge for us and the power to carry out disciplined trading.
12. Having had a profitable awakening as the result of these steps, we tried to carry this message to gamblers/failed traders, and to practice these principles in all our affairs.
