When Good Men Do Nothing
"Often injustice lies in what you aren't doing, not only in what you are doing."
— Marcus Aurelius, Meditations
Today's meditation is another interesting read, but not something that can be compared to trading, apart from doing nothing when a trade is going against you, instead of taking a controlled loss at your pre-determined exit point to protect your bank!
"When good men do nothing" in a trading sense, it can burn a huge hole in your trading bank which you must protect at all times to stay in the game! One trade where you don't react and freeze in the heat of the moment and do nothing, can really set you back and dent your confidence for managing future trades too!
So pull the trigger and exit swiftly, without hesitation if and when a trade is going against you, before that loss becomes unmanageable!
It can be so hard to do in the heat of battle and I would go as far to say that it was definitely the hardest part for me to come to terms with, on my trading journey; until the penny dropped! However, you have to look at the bigger picture and make sure that you retain long term profitability.