The Cost Of Accepting Counterfeits
"When it comes to money, where we feel our clear interest, we have an entire art where the tester uses many means to discover the worth . . . just as we give great attention to judging things that might steer us badly. But when it comes to our own ruling principle, we yawn and doze off, accepting any appearance that flashes by without counting the cost."
— Epictetus, Discourses
Another meditation to make you think and the last few words today, are very true when we compare it to trading! "To act on nothing that is untested!"
We can't randomly jump on a trade just because it "looks" ok! It needs to have been researched to see if it meets the rules/criteria for our strategy, because we have tested our strategies and we know that they work long term or we wouldn't be using them!
Get into the habit of doing your due diligence before entering a trade and making sure it fits 100%. Never rush into a trade without doing this. If you haven't got enough time to check if it's a qualifier, then leave it alone and move on to your next opportunity. There will be plenty more opportunities to come!
If you can be patient and disciplined enough to stick to doing your research before jumping on a trade regardless, you are habitually doing the right things and over time it will become common practice and unthinkable to enter a trade when you don't even know if it meets the rules/criteria for your strategy!
No point having strategies in place if you are not making sure the rules/criteria are fully met!
"The cost of accepting counterfeits;" (trades that look like they may be good in this example) can work out very costly indeed!
Stick to your rules and act on nothing that is untested!