Wish Not, Want Not
"Remember that it's not only the desire for wealth and position that debases and subjugates us, but also the desire for peace, leisure, travel, and learning. It doesn't matter what the external thing is, the value we place on it subjugates us to another . . . where our heart is set, there our impediment lies."
— Epictetus, Discourses
This is very similar to yesterday's meditation and it demonstrates that, what we strongly desire can make us vulnerable, especially when we are trading!
If we are in the mindset that our trades must go our way every time to make more and more profit, we are not in the zone and we are certainly not being patient or disciplined! There will be a temptation to let trades run in the hope that it will turn back in our favour; but what if it doesn't? If we haven't cut our losses at the point that our rules dictate that we should do, we will generally be in a world of pain unless we get lucky and the trade turns back our way! But eventually our luck will run out and we will get burnt! Do you want to gamble and take the chance of making a big dent in your trading bank, ending up with an unmanageable loss?; or do you want to become a better and more consistent trader, taking the occasional controlled red on your trading journey? Remember that your successful profitable trades that fully meet the rules/criteria for your strategies will far outweigh these controlled occasional losses, meaning you will be profitable long term. You are also protecting your trading bank which is the primary aim of course! Sticking to your rules means you are in total control of your trades; patient, disciplined and ready to cut losses in a heartbeat; means that you have the correct trading mindset and you are "in the zone" as I like to say.
The last sentence of today's meditation, sums it up in a nutshell actually and I quote; "When it comes to your goals and the things you strive for; ask yourself: Am I in control of them or they in control of me?"
Don't get to a point in a trade where you are hoping it will turn back your way. If you are in the land of hope you have left it too late and your trades are controlling/dictating you!