What's Better Left Unsaid
"Cato practiced the kind of public speech capable of moving the masses, believing proper political philosophy takes care like any great city to maintain the warlike element. But he was never seen practicing in front of others, and no one ever heard him rehearse a speech. When he was told that people blamed him for his silence, he replied, 'Better they not blame my life. I begin to speak only when I'm certain what I'll say isn't better left unsaid.'"
— Plutarch, Cato The Younger
Today's meditation can be compared to "what's better left untraded" you could say and the opening line confirms this; "It's easy to act--to just dive in. It's harder to stop, to pause, to think."
As traders it's so easy to rush and jump on a trade that hasn't been researched out of sheer impulse or because somebody else has tipped/suggested it. Unless you have done your research and it fully meets the rules/criteria for your strategy, it should be a no trade with no fear of missing out (FOMO). There will be plenty more opportunities and this is where you need to be patient and disciplined and resist the urge to rush into a trade without having completed your due diligence first.
If you don't stick to your rules and the trade goes wrong you will be asking yourself "Why did I rush into this trade without checking if it met my criteria?" "Why did I jump on someone else's trade without checking if it met my criteria?" "I wish I hadn't seen this trade, it's their fault!!" Well actually it isn't their fault; it's nobody's fault but yours! This is because;
1) YOU didn't check if it met your criteria.
2) YOU rushed the trade because of FOMO.
3) YOU weren't patient.
4) YOU lost your discipline.
5) YOU didn't use the correct mindset.
To do all the above requires awareness. It requires you to stop and evaluate what you are about to trade, with honesty. This means fully researching every single trade and using the stats/data that you have available to you. Making sure every single trade fully meets your rules/criteria 100% of the time, no corners cut! If it doesn't it's no trade; It's a simple as that. Can you do that?