Sykes has a lot of rules that guide his trading ranging from Rules around Price Action, to loss cutting, catalysts, etc. I follow those. In addition to following those I have 12 Rules that I have adapted for my own trading style, they can be found as the first post on my page they are my first post. Of all 12 Rules I created. the one I will look at today is the one I have understood and used the least. It is becoming one of the most important. Here's the rule:
Rule #5 Trading is a Means to an End. Not an End in itself.
This rule governs how seriously I take the markets. I have very real reasons for becoming a trader. The ability to make money in the markets will hopefully open up opportunities in other areas of my life for personal / artistic endeavors, providing for my family, my friends. It is a tool that I am using to try and create a different life for myself, the people around me now and the people who come after me. The second primary purpose is using trading to fund certain initiatives in New York City that are paramount to the world, namely inner city Church Plants.
Insofar as I take these objectives seriously I approach the markets with a sense of seriousness. I don't get distracted by my phone. I only take positions that I think will advance my account. I follow my other rules. I let plans play out. I do not scalp (as that's not my style). I stay as laser focused as I can from 5am when I warm up to 7am when I start my active search for plays. Then from 9:30am at the open until 11am when my general window of time for Morning Spike plays is over. I apply this to my back end processes such as studying, review, and paper trading, etc. as well. I will not be successful if I am distracted or not taking my even one step of this process seriously.
However, Trading is a means to an end NOT an END IN ITSELF. My life does not serve trading, it does not run my life. I try to work the amount of hours I need to on my trading on any given day, I focus but the game itself is not the most important thing to me. Christians would call something like that, an "idol". Trading is not that and can never be allowed to become that. If you spend 12+ hours a day on something then its naive to assume that it will not try to become the most important thing in your life. It IS a tool and a tool I enjoy using very much and that has a lot of utility but it is NOT a god or a master.
Overall, these two aspects of this Rule are fundamental to a successful life and Trading Career for me.
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