The Truth About Money
"Let's pass over to the really rich — how often the occasions they look just like the poor! When they travel abroad they must restrict their baggage, and when haste is necessary, they dismiss their entourage. And those who are in the army, how few of their possessions they get to keep . . ."
— Seneca, On Consolation to Helvia
Today's meditation certainly gives us something to think about! "External things can't fix internal issues." The same could be said for trading. You could be rich and have a huge Betfair balance. It doesn't mean for one minute that you are going to be any more successful than the trader with a bank of £100, unless you've sorted out your internal issues! Having plenty of money to trade, won't sort out your internal issues. So as traders we must have a plan/strategy to work to and stick to, by following our rules 100% of the time. Once we can trust ourselves to execute our trading plan and stick to the process without deviation and when we get to the point where we know our strategies inside out through practising and practising; then and only then, can we start to see a real difference in our trading progression. Concentrate on the process and therefore eliminating any internal issues that you may have, by doing what you know works, time and time again; rinse and repeat. Good trading can be boring for some and gambling is exciting. But good trading will give you a sense of satisfaction and you are protecting your trading bank which is of course your primary objective. If you lose your bank you can't trade! Internal issues could be breaking a rule from the criteria of your strategy. No point having rules in place if you are going to break them. Maybe it's impatience when waiting for all the criteria to meet your strategy. Perhaps it could be the fear of missing out on a trade (FOMO) that others are shouting about. Remember there will always be another trade if you miss out on one. Ignore the noise, stay patient and disciplined and don't be distracted from the path, on your trading journey. Follow the process and the money will follow; I promise you!