Offense Or Defense?
"Fortune doesn't have the long reach we suppose, she can only lay siege to those who hold her tight. So, let's step back from her as much as possible."
— Seneca, Moral Letters
When we read today's meditation and then think of this as traders, it has to be defence all day long!
We absolutely have to avoid greed and anger and hoping to "get lucky" with our trading.
A strategy of resilient, flexible defence is a much better option. We have to defend what we've got by protecting our bank, so if trades are going against us, we act swiftly and decisively to manage and control our losses. This means that the profits far outweigh the occasional controlled losses and therefore we are profitable long term.
We must stay fully focused and "in the zone" so that we are able to manage our trades fully to completion. This means making the right choices by only entering trades, that fully meet the rules/criteria for our strategies.
Maintaining the patience and discipline to do this, is vital if we are to succeed on our trading journey.