I believe that having the discipline to follow your rules is essential. Without specific, clear, and tested rules speculators do not have any real chance of success. Why, because speculators without a plan are like a general without a strategy, and therefore witout an actionable battle plan. Speculators without a single clear plan can only act and react, act and ract, to the “slings and arrowws of stock market misfortune”, until finally they are defeated.
