The First Two Things Before Acting
"The first thing to do — don't get worked up. For everything happens according to the nature of all things, and in a short time you'll be nobody and nowhere, even as the great emperors Hadrian and Augustus are now. The next thing to do — consider carefully the task at hand for what it is, while remembering that your purpose is to be a good human being. Get straight to doing what nature requires of you, and speak as you see most just and fitting — with kindness, modesty, and sincerity."
— Marcus Aurelius, Meditations
Today's meditation can also be compared to trading.
1) "Don't get upset" I have mentioned a few times over the last 5 months in these "daily journals" about the importance of not trading when upset or angry. This is because you will be in the totally wrong mindset and will be "revenge trading" and trying to claw back any losses as soon as you possibly can! This can lead to a much bigger loss, with the potential of blowing your bank! We must protect our trading bank, not blow it!
2) "Do the right thing" We must stick to the rules/criteria for our strategies 100% of the time and practice this over and over again, rinse and repeat, day in and day out. We fully manage our trades to completion by either; taking our targeted pre-event profit, or cutting short a potential losing trade for our pre-arranged controlled loss. By doing this regularly and consistently, we are protecting our trading bank and becoming profitable long term, because we will be right many more times than we will be wrong, due to the stats/data that we have available to us.
This means that we are doing the right thing.
So bear in mind "the first two things before acting."
"Don't get upset."
"Do the right thing."
"That's it."