Trading Psychology & Mindset - The trading industry emphasizes identifying and addressing personal mental flaws, as traits that lead to success in other fields can be detrimental in trading [1] - The industry aims to rewire the brain to think differently from the majority to achieve profitability in the top 5-10% of market participants [1] - The trading industry highlights the importance of not focusing on money directly, but rather letting it be a result of adhering to a well-defined process [46] Strategy & Methodology - The trading industry suggests keeping trading strategies simple, focusing on a core set of variables to minimize emotional decision-making [2] - The industry recommends focusing on trading one asset, one strategy, and one timeframe to achieve mastery through repetition [3] - The trading industry advocates for backtesting strategies using historical data to determine expectancy before deploying real capital [27] Risk Management & Performance Measurement - The trading industry stresses the necessity of measuring trading results to identify flaws and make data-driven decisions for improvement [5][6] - The industry emphasizes the importance of understanding and calculating expectancy (positive expectancy) to determine the profitability of a trading model [13][14] - The trading industry advises setting a daily loss limit to protect capital and prevent emotional trading decisions [34] - The industry warns against taking profits too early, as it can negatively impact expectancy and overall profitability [42]

Trading Strategy & Risk Management - The trading industry emphasizes the scarcity of focus and attention as critical resources for traders [1] - Overtrading, poor trade management, and small losses are often the result of not knowing what to look for in the market [1] - Filters such as expectancy, frequency, time frames, specific setups, instruments, and time of day/week are needed to refine trading [1] - The industry suggests that most of the time, there isn't a trade available [1] - A well-defined trade should be easily identifiable [2] - Constantly searching for trades indicates a need for better trade identification [2] - Simplicity and focus are key to successful trading, advocating for "less is more" [2]