Set The Standards And Use Them
"When the standards have been set, things are tested and weighed. And the work of philosophy is just this, to examine and uphold the standards, but the work of a truly good person is in using those standards when they know them."
—EPICTETUS, DISCOURSES, 2.11.23–25
An interesting meditation today and it immediately made me think of the standards that I have set, from the development of my strategies and the rules/criteria that must be met for me to enter a trade.
I am also challenging myself, by setting the standards, once that I execute a trade. My standards are to fully manage each trade to completion, win or lose. Yes there will be losing trades, but as long as they are controlled at a manageable level to protect your bank, your regular profits will far outweigh an occasional controlled loss. This is the very nature of trading of course.
So if you are using a strategy where the rules/criteria must be fully met, you have automatically set yourself your own standards to use.
You must however, use those standards that you have set. They are the make up of your strategy and if you don't use them, then there is no point setting them in the first place!
Those rules are not for bending, stretching or breaking; they are for sticking to, 100% every time that you trade.
It's all about repeating the process time and again, rinse and repeat, repetitively, so that you know your strategy inside out and back to front. Familiarity breeds success, so "set the standards and use them"
It can be done if you set your mind to it, using the correct trading mindset. You've got this, so do it!