Making Your Own Good Fortune
"You say, good fortune used to meet you at every corner. But the fortunate person is the one who gives themselves a good fortune. And good fortunes are a well-tuned soul, good impulses and good actions."
— Marcus Aurelius, Meditations
Today's meditation is a great one to make you think; it did for me anyway!
Filled with quotes such as "Diligence is the mother of good luck" and "Luck is where hard work meets opportunity."
This is where it gets interesting when we compare this meditation to trading.
You should be doing your own "due diligence" to make sure that every trade that you undertake, is driven by the fact that it meets the rules/criteria for your strategies. You put in the hard work to find the trades that fully meet the criteria and you are then left with the opportunities.
This doesn't mean that you are done just because you find these trades of course; this is just the beginning! You then have to manage the trade to it's completion; taking either the targeted profit, or cutting the trade short for the pre-agreed loss to protect your bank.
You know that by using your tried and tested strategies, you will be right many more times than you are wrong; so the regular profits will far outweigh the controlled losses, that will have to be taken on occasion, to keep you in the game and keep your bank intact! You can't afford to let these potential losses become out of control! You need to survive for the next battle so you have to be ruthless and take the controlled hit occasionally. However, because the losses are controlled you are profitable long term!
So by doing your "due diligence" and putting in the hard work to find potential trades that fully meet your criteria, are you "making your own good fortune?"
I believe that you are.