No trade is a valid output of a disciplined process.
| Concept | Explanation | |---|---| | No edge | Available evidence does not support a differentiated conclusion. | | Poor liquidity | Expected execution cost is too high. | | Unclear invalidation | No condition identifies when the thesis is wrong. | | Event uncertainty | Outcome is binary and cannot be sized safely. | | Emotional state | Fear, urgency, or frustration is driving the decision. | | Portfolio conflict | New exposure duplicates existing risk. |