Way of the turtle

Finding Consistency
The most important lessons in life are simple yet difficult to exe-
cute. In trading, consistency is the key. A systematic trading
approach, a thorough understanding of the limitations of that
approach, and the tools used to build trading systems can help you
be more successful and constant. You must be consistent to trade
well. You must be able to execute your plan or the plan has no
meaning.
230
•
Way of the Turtle

---

If I had to pick the single X factor most responsible for our suc-
cess as Turtles, it would be the fact that we were taught by a leg-
endary trader. This knowledge gave us a faith in the methods that
Richard taught us, making it much easier for us to follow his rules
consistently and persistently. Unless you can find another famous
trader to teach you and give you the same confidence, you will have
to find that faith on your own. You will have to develop confidence
in your methods as well as in your ability to make money over time
using those methods.
The best way I know to develop faith in systematic approaches
to trading is to explore some systems on your own using trading sim-
ulation software. The software will let you look at the past in the
same way that actual trading does. You will find the process of
researching various trading systems and checking your assumptions
against actual market data to be a humbling one. If you start actual
trading, you may find it to be much harder than you might have
thought. Putting real money on the line is not the same as prac-
ticing or paper trading.
If you are considering a career in trading, you must keep one
important fact in mind, and that is that I am very unusual. By
some freak of biology or upbringing, it was not difficult for me to
be consistent in my trading. My psychological makeup made it
easy for me to repel cognitive biases. So, although I have seen the
effects of psychological breakdown and weakness in traders, I am
not the best counselor for anyone who needs help overcoming his