The Wise Don't Have
"This is why we say that nothing happens to the wise person contrary to their expectations."
— Seneca, On Tranquility of Mind
While I was reading today's meditation, a phrase that I use an awful lot immediately sprung to mind. "Less is more."
As traders we need to be wise of course. We need to stick to our strategies that we know work well for us over the long term. But it is also vital that we stick to our rules/criteria for those strategies, 100% of the time!
There will be days when potential trades are few and far between, so we must stay patient, disciplined and ready to pounce when an opportunity appears.
A few quality trades that fully meet your criteria, are a much wiser course of action, than jumping on the trades of others, or trades that you haven't researched fully etc. This brings me to another phrase that also springs to mind. "Quality over quantity."
So if we stick to our rules and we also become wise to what works for us, even on the quieter days we shouldn't have many problems; as long as we can stay disciplined enough to cut short the potential losing trades at our pre-agreed controlled and manageable loss; therefore ensuring long term profitability and bank protection too in the process!