Circle Of Control
"We control our reasoned choice and all acts that depend on that moral will. What's not under our control are the body and any of its parts, our possessions, parents, siblings, children, or country — anything with which we might associate."
— Epictetus, Discourses
This really is a short but sweet one today. It's all about the responsibility of controlling our mind. Developing the correct mindset is vital so that we stick to the rules/criteria for our strategies. There may be a period of time as you are waiting for a potential trade to fully meet your criteria, so patience and discipline are needed in abundance! Controlling how we respond as traders is so important, so that we don't end up in trades that deep down we knew we should never have got involved with! If we can control our mind, we can control our actions. This means we stick 100% to the criteria for our strategies and once we are in a trade we react accordingly to what we are seeing, not what we are hoping to see! By doing this we are constantly protecting our bank. So as the message today says "You've just got one thing to manage: your choices, your will, your mind. So mind it."
This is what we must work on doing every time that we trade.