The idiot trader has no sense of process. It’s all seat of the pants and randomness. The enlightened idiot trader talks about “following my process”, but cannot produce a detailed flow chart of what they do and why they do it. That is because, for the enlightened idiot, process is merely a code word for engaging in some general routines.
The idiot trader keeps no journal and has no structure to his or her reflection. The enlightened idiot trader keeps a journal and writes down all of his or her mistakes and frustrations, but never transforms those observations into concrete goals, plans, and commitments for change.