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John's Journal

Conquering FOMO


Day 16
May

The Chain Method

John BoyUk, 16 May

"If you don't wish to be a hot-head, don't feed your habit. Try as a first step to remain calm and count the days you haven't been angry. I used to be angry every day, now every other day, then every third or fourth . . . if you make it as far as 30 days, thank God! For habit is first weakened and then obliterated. When you can say 'I didn't lose my temper today, or the next day, or for three or four months, but kept my cool under provocation,' you will know you are in better health."
— Epictetus, Discourses

Today's meditation is an interesting concept and it can be used for trading too.

Every day that we trade, our aim is to stick to the rules/criteria for our strategies 100%. We take the profits at our targeted exit point when a trade goes as expected, or we take the controlled loss, also at our targeted exit point, when a trade is going against us.

Every day that we are doing this consistently and as planned, we are building the chain and becoming more and more determined not to break it!

A great example of how this "chain method" can work was actually unwittingly demonstrated in a post by @Easy Monkey, a while back. For 3 weeks, he had "not broke a rule, not once" as he put it. 3 weeks of building that chain makes you more and more determined not to break it and to keep it going as long as possible! This makes us more consistent in doing the right thing and gives us long term profitability and growth.

So well done to @Easy Monkey and hopefully he has kept "the chain method" going!


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