Character Is Fate
"Each person acquires their own character, but their official roles are designated by chance. You should invite some to your table because they are deserving, others because they may come to deserve it."
—SENECA, MORAL LETTERS, 47.15b
Today's meditation immediately made me think that character is most definitely something required in the make up of a good trader.
Why? you may ask. Having the character to bounce back from a run of controlled losing trades and to keep pushing yourself day in and day out regardless, is something that will pay off long term.
Even though we know that because of the historical stats/data that we have available to us, we will be right in our selections, many more times than we are wrong; we can still hit a losing run, so it is vital to control our losses at our pre-agreed exit point, to maintain and protect our trading bank.
The wins will take care of themselves, when our trades go to plan and we take our pre-event targeted profit.
Having the strength of character to push on and practice and practice, makes us consistent and more confident to be able to react instantly, to minimise our losses if trades are going against us.
We are not looking at short term results here, as we are in this for the long haul and it will take time.
But if we keep on, keeping on, persistently and repetitively, practising the process so that we know our strategies inside out and back to front, we will become profitable in the long term, which is our aim of course.
People with character, don't give up; in fact they will pull through the tough moments and come back even stronger.
If you can embrace that on your trading journey, you can use that to your advantage, along with the trading edge that you have developed through your strategies. You must however stick to the rules/criteria for your strategies 100% of the time; with no exceptions!
The fact is, with patience, discipline and using the correct trading mindset, you can do this for sure; you've got this!