As someone who has spent the past eight years studying markets and trading, I can say that these are not bad heuristics. Nonetheless, I wouldn't recommend them to a new trader. As many traders are fond of saying, you must pay your tuition in money lost and sometimes emotionally brutal events like "blowing up." (Paying tuition is a popular phrase inspired by Edwin Lefèvre's Reminiscences of a Stock Operator.)
More than most professions, trading requires you to fundamentally alter the way you respond to stimuli. We have some natural biases that make us pretty unsuited to trading. Traders who are successful are the ones who remodelled their brain, a job that often starts with an intellectual sledge hammer. Studying a list of proverbs, no matter how good they might be, will not prove profitable. They might act as a good scaffold to lean on while "paying your tuition," but I am skeptical.
(This argument can be expanded to most proverb-style writings. In fact, I was going to write this in response to one of the 37,000 threads regarding ReWork during that mania.)
You almost have to nurture a case of depersonalization disorder. If you know any successful traders, you probably know what I am talking about. They don't seem to experience or interpret things like everyone else.
To be playfully ironic, I'll list what I think are the two biggest issues:
1) Completely demolish the instinct to extrapolate linearly.
2) Train yourself to have no attachment to your expectations. (Coincidentally, this is #2 on the referenced webpage's list.)
This is certainly not exclusive to trading (e.g. scientists should operate this way) but I think it's harder to practice in trading. Money makes consequences very concrete. (Edit:) If a scientist conducts an experiment that fails to find anything significant, it's still "good science (TM)." If a trader fails to be profitable, he has failed at trading.
Profitable, yes. Consistently, depends on your view of consistency.
My goal has always been and continues to be developing profitable algorithms. I have a few that are interesting, but none profitable enough to be noteworthy. (Although one is very very promising.)
I do actively trade, but not algorithmically. I make short to intermediate term bets based on macro-level observations. I've gotten progressively more profitable and more consistent, but given the events of the past three years, you could claim it was just luck and I wouldn't get defensive.
Regardless, trading has been my educator. For me, it was a valuable exploration, even if it never makes me rich. Trading forced me to be a better programmer; gave me an intuitive grasp of risk and statistics; and inspired my intellectual growth. In fact, it caused such a strong interest in certain types of system that am starting a masters/Ph.D program in computational social sciences this fall.
More than most professions, trading requires you to fundamentally alter the way you respond to stimuli. We have some natural biases that make us pretty unsuited to trading. Traders who are successful are the ones who remodelled their brain, a job that often starts with an intellectual sledge hammer. Studying a list of proverbs, no matter how good they might be, will not prove profitable. They might act as a good scaffold to lean on while "paying your tuition," but I am skeptical.
(This argument can be expanded to most proverb-style writings. In fact, I was going to write this in response to one of the 37,000 threads regarding ReWork during that mania.)