Seven Clear Functions Of The Mind
"The proper work of the mind is the exercise of choice, refusal, yearning, repulsion, preparation, purpose, and assent. What then can pollute and clog the mind's proper functioning? Nothing but its own corrupt decisions."
— Epictetus, Discourses
So here, each one of those seven clear functions are broken down. How do we compare these to trading?
#1 Choice-to do and think right: Make you own choices based on your strategy and criteria. Stick to your rules!
#2 Refusal-of temptation: Avoid jumping on other people's trades that don't meet your criteria.
#3 Yearning-to be better: Evaluate your strategies on a regular basis, to strive (yearn) to be a better trader.
#4 Repulsion-of negativity, of bad influences, of what isn't true: Avoid the negativity of social media and don't let it influence what you do. Ignore the noise of others!
#5 Preparation-for what lies ahead or whatever may happen: Be prepared for a trade to go wrong and be in the correct mindset to be fully equipped to deal with it, without a moment's hesitation. Act swiftly!
#6 Purpose-our guiding principle and highest priority: This is to protect our bank at all costs so we can live to fight the next battle. This is our guiding principle and our highest priority, to enable us to continue our journey as traders.
#7 Assent-to be free of deception about what's inside and outside our control (and be ready to accept the latter): We have touched on this a couple of times already. We have to accept that there will be times when trades don't go as we expect and the result will mean that things will happen that are outside our control. We have to accept this instantly and in a heartbeat, before any further damage is done. Get out of the trade while we are still in control and move on to the next opportunity that fully meets the criteria for our strategy.
Remember, if we can master ourselves, we have a massive advantage to trade successfully.