Don't Sell Yourself Too Cheaply
"I say, let no one rob me of a single day who isn't going to make a full return on the loss."
— Seneca, On Tranquility of Mind
Today's meditation is a tough one to compare to trading!
I suppose what you could say, is to stick fully to the rules/criteria for your strategies, so that you are cherry picking the best potential trades and utilising your edge, to gain a higher probability of those trades being successful.
By doing this, you are not selling yourself too cheaply, by entering trades on impulse, that haven't been fully researched, or jumping on other people's suggestions etc.
Don't worry about missing out on a trade; there will always be another one around the corner that fully meets your rules and never chase a trade if you miss your entry point. Let it go and move on. Patience and being disciplined to stick to your rules, are vital elements in successful trading, which results in long term profitability.
So in summary, stay focused and wait for the right trades to come along.
You must also be "in the zone" with zero distractions, so that you can execute and then fully manage your trades to completion. This must be achieved with a totally neutral mindset, once your trade goes in play. You have to be ready to expect the unexpected, because although the odds are stacked in our favour due to the historical stats/data that we have at our disposal, we can't control the outcome of the event and anything can happen! This means that it is vital to react swiftly, so that we can control our losses to a minimum, before they become unmanageable and a threat to our trading bank.
This takes lots and lots of repetitive practising, over and over again. It requires a lot of hard work, dedication and determination, to ensure that you make the right choices in a heartbeat, to protect your trading bank.
You can do it for sure, if you are prepared to put in the hard work that is required.