You Don't Own That
"Anything that can be prevented, taken away, or coerced is not a person's own — but those things that can't be blocked are their own."
— Epictetus, Discourses
Today's meditation is an interesting concept and when you look at it in that way, the only thing that you truly own, is your life... For now!
Looking at this from a trading perspective, we take responsibility for every trade that we enter and although we take ownership of our actions, we certainly don't own them and we will be quick to cut any trades short that are going against us. We are actually disowning them swiftly, before they become a threat to our trading bank!
This is why it is imperative that we stick to the rules/criteria for our strategies and fully manage every trade to completion, when we have to. The majority of those trades, will manage themselves and we will take the pre-targeted profit as we had planned. The hard part is when they go against us and this is why we have to be ready and prepared to react, by acting swiftly and in a heartbeat on occasion, to exit before any long term damage is done to our trading bank. This must be protected at all times, to keep us in the game and ready for the next battle!
Remember, slow and steady wins the race and you need bags of patience and the discipline to ensure that you make the correct calls and avoid ending up in the land of hope, praying that a trade will turn back in your favour! You simply must exit any trade, before it gets to that point, because your luck will run out and you will be staring at a much bigger loss, with damage to your trading bank which was avoidable, if you had cut it short when you had the opportunity and therefore had stuck to your rules.
As long as you keep on practising and sticking to your rules 100% of the time, there is no reason why you can't make this work for you long term. You can do it!