TRADING VIRTUES
1.
FAITH &
BELIEF
2.
WISDOM & KNOWLEDGE
3.
DISCIPLINE & OBEDIENCE
4.
HUMILITY & TEMPERANCE
5.
PATIENCE & PERSEVERANCE
6.
FORGIVENESS & REPENTANCE
7.
CHARITY
Faith is the foundation virtue. Faith in yourself. Faith in your abilities. Faith allows you to move into the unknown for yourself. Faith that you can succeed just as many have before you. This belief stems from your desire to succeed.
Wisdom is a virtue developed from acting wisely on your knowledge. It is important to gain relevant knowledge of the markets and strategies you're trading. Wisdom is using that knowledge to improve your performance and increase your account values.
Discipline and obedience are virtues which help you to execute a winning strategy and prevent mistakes. Without exercising discipline and obedience emotions will take over your trading and the results of emotional trading.
Humility is the virtue that will help prevent overconfidence and pride seeping into your character and trading practices. Temperance will help you be content with your slow and steady progressive execution of your strategy without greed.
Perseverance and patience are the needed virtues to help you stay the course when the course gets rough, hard and boring. And it does get rough, hard and boring. Be PATIENT! Persist until you succeed!
Forgiveness and repentance may not seem like virtues that will improve your trading, but they are critical to your trading success. Being able to forgive yourself for mistakes made, learn from them and repent from doing them again is a crucial component of successful trading .
Charity is the crowning virtue. As you enjoy success in your trading profits, it is not just important to be generous and give back to the community, it is vital.