1. I objectively identify my edges
2. I predefine the risk of every trade
3. I completely accept the risk or I am willing to let go of the trade
4. I act on my edges without reservation or hesitation
5. I pay myself as the market makes money available to me
6. I continually monitor my susceptibility for making errors
7. I understand the absolute necessity of the principles of consistent success and, therefore, I never violate them.
Now that you are familiar with the 5 truths and you have accepted them, you will find that the emotion around your trading should start to dissolve and you should be thinking in probabilities moving forward. These 7 principles of consistency are a means of measuring whether you are trading in the zone, or something else, usually at the detriment of your trading account.
If you break any of these principles then you’ve likely had a bad session, lost money, and so it is good to review these on a trade by trade basis or on a session by session basis to ensure that you are focusing on being a consistent winner. The real goal here is to help you adjust your attitudes and beliefs about trading in a way that you can trade without the slightest bit of fear but at the same time keeping a framework in place that doesn’t allow you to become reckless.
Accepting the 5 Fundamental Truths and utilizing the 7 principles of consistency will help you do just that. Completing the trading exercise will get you thinking about trading as a probabilities game rather than from an individual trade-by-trade perspective.
Mark believes traders that are able to trade in the zone which is a state of mind where the trader has completely eliminated false, negative or any destructive thought patterns, thereby letting them trade completely naturally in peace almost like being on autopilot.