Declaration of Scientific and Disciplined Trading

In the progress of learning to trade forex, it is necessary for a trader to get himself intimate with the pairs he trades. To understand among the ongoing interaction of buyers and sellers, and the underlying fundamental drivers in which the forces of politics and economy result, a serious study of the markets requires the student to make daily observation of various information on the markets he is trading, and thus to deduce valuable insights for his decision making.

We hold these to be common sense in trading: that the markets are created by transactional decisions, that they are dictated by the restless stream of incoming information, that among these are technical formations, political and economic changes, and expectations on probable events. That to study these factors, a trading approach is designed by the trader, as a procedure for the analysis of these factors. And whenever any trading approach becomes ignorant to these factors, it is the time for the student to reflect and alter it, and to design a new approach, laying its foundation on the analysis of such factors, such that it shall seem most likely to give the student the most accurate picture of the market. And having a comprehensive view of the market, indeed, will dictate that a trading approach long employed should not be broken down by small and temporary losses. According to the experience of many, unsuccessful traders are more likely to continue suffering from their wrong methodology, rather than to abolish the mistakes to which the are accustomed. But for those who cannot anymore tolerate a prolonged failure to make profit and are eager to improve, they shall realise it is their right, as well as their duty, to throw off the wrong methods and provide new foundation for their financial security.

Such has been the prolonged suffering of the unprofitable traders, and such is the reason why they have to alter their former methodology of trading. The history of these traders is a history of repeated indiscipline and misunderstanding, all having direct responsibility for their very own financial misery. To prove this, let the facts of these failed traders be listed below:

• They only watch out for the signals generated by their trading system. They do not seek to understand the logic behind the system, nor to research for the statistical evidence of that logic.
• They don't listen to the market. They hold their own opinion into their trades, refusing to listen to what the price and events have to tell them.
• They limit themselves to a single facet of the market (usually the technical aspect) and become oblivious to longer term factors and intermarket relations, which are the factors that come under the consideration of big institutions.
  
• They suffer from short-sightedness, and fall prey to random short term movements by ignoring the bigger picture.
• They refuse to reflect on their prolonged failure to make money, year after year, either by deserting themselves from a methodology that works, or refusing to take the effort to learn more about trading.
  

For most of the traders, in each of these failures, the market has always warmed about their repeated mistakes about the market, and their repeated mistakes have been answered only by more repeated mistakes. A person who has demonstrated an inability to learn from the market, is unfit to be a trader.

And the market has never played favourites. It has warned the unprofitable traders from time to time of their attempts for entering and exiting without the rules. It has reminded them of the two-way interaction of news and price, and the danger to ignore important announcements. It has appealed to their reason and logic to take the predetermined risk, and rest assured in front of price fluctuations until the level of stoploss. The unprofitable traders have been deaf to the voice of the objectivity and common sense. We must, therefore, announce our new approach of trading, hold them in the rest of our trading career, no matter the balance is going up or down.

We, therefore, a groups of traders who are eager to improve our results of trading, appealing to the fair judge of probability for the correctness of our intentions, do solemnly declare, that our approach of trading will be based on sound and statistically tested methodology; that it will take a broad and all-round view of and among the markets; that connections among different markets and factors are ought to be fully considered; that our approach should be disciplined with the mathematical rules of entries, exits, lot sizes, etc, to fully support the decretionary decision on the part of the trader. And for the support of this declaration, with a firm confidence in the sound principle of probability and risk management, we pledge to ourselves our income, our wealth, and our financial freedom for a better life.