Reason In All Things
"Hurry to your own ruling reason, to the reason of the Whole, and to your neighbor's. To your own mind to make it just; to the mind of the Whole to remember your place in it; and to your neighbor's mind to learn whether it's ignorant or of sound knowledge — while recognizing it's like yours."
— Marcus Aurelius, Meditations
Today's meditation is also very true for trading. If our trading is not ruled by reason; i.e. sticking to the rules/criteria for our strategies, which gives us a reason to enter a trade, we are likely to regret quite a number of them and lose our trading bank which we must strive to protect. If you run out of capital it's game over!
If our trading is ruled by impulse, whim, mimicry (the tips and potential trades of others) etc. then we are not using our rules/criteria and strategies that we have developed.
Stick to the plan for consistency and long term profitability by taking ownership of your trades and only entering trades that fully meet your rules/criteria 100%; no exceptions!
You must stay patient and wait to pounce when the opportunity appears. Keep your discipline and avoid the temptation of jumping on other peoples' tips/trades etc. Keep that correct trading mindset and ignore the noise of others. The more that you practice doing this, the easier it will become.
This will keep you at peace with your trading, knowing that you are sticking to the plan and following the rules.
The phrase "peaceful mind, peaceful life" is very true I find.