If your first answer is an awesome system that produces 1000 pips a month, I am sorry you are incorrect. Systems are a dime a dozen and most can be profitable.
Because even if that system, with thousands of historical trades to back it up, will never do anything for you if you do not have the proper motivations, perspective, and daily thinking to execute that system.
Trust me, I know.
Having a system you believe in without the right thinking to go along with it is like having a very sharp knife and having no idea how to use it. It becomes more of a danger to me than a tool to be utilized.
I have been fighting a battle of over-trading for a very long time. A battle of what I call, trying to steal the gap. Let me explain the gap. The gap is the knowledge, patience, perseverance, and integrity that it takes to make any system useful for entering and exiting any market.
(* I AM NOT A GOOD DRAWER 🙂
This cannot be changed or manipulated. To trade discretionaraly, these traits must be developed
So where does it all go wrong? If I were playing golf, what would cause me to be sitting at the tee box one minute with the driver out ready to start the round, and then 2 shots later have my pants rolled up because I just had to get my ball out of the water and now i’m headed to the sand trap?
For me its simple: Motivations
What motivates me to not trade the system exactly how it is supposed to be traded? Do I get up too late and see a bunch of missed entries that went for crazy pips and I frustration sets in and I try to jump or steal that gap and make money without following the rules?
Is it just a tendency that I have to be stupid impatient and arrogant to the point that I think I could just jump in and make a few pips? I am at that point completely contradicting all of the work I have put in that says this is not the most advantageous point to enter the market but maybe I could steal some pips just because, then WAM, the market takes everything you worked hard for.
If I am truly motivated by desiring to obtain mastery of my system, then this should never be a problem
If I am motivated by greed, fear, or any other form of twisted thinking, then this will always be a problem
Losing money is not the ultimate punishment. Lets face it, money can be replaced by some hard work. But my ultimate punishment is having to look myself in the eye and admit I didn’t follow my rules, and have a glaring reminder of the consequence of those actions reflected in my account balance.
So to answer my own question, my greatest trading tool is a mind that has been developed over time using those steps on the bridge to be wholly focused on mastering the rules of my system.
Nothing else even comes close