Focus On What Is Yours Alone
"Remember, then, if you deem what is by nature slavish to be free, and what is not your own to be yours, you will be shackled and miserable, blaming both gods and other people. But if you deem as your own only what is yours, and what belongs to others as truly not yours, then no one will ever be able to coerce or to stop you, you will find no one to blame or accuse, you will do nothing against your will, you will have no enemy, no one will harm you, because no harm can affect you."
— Epictetus, Enchiridion
I found today's meditation a very interesting read but difficult to compare to trading.
It can however, be compared to trading when we think about what we can focus on and control, as traders.
We must be fully focused and "in the zone" every time that we trade, so we are giving ourselves the best chance to react accordingly to what we are seeing, rather than what we hope or expect to happen. I never expect a trade to go to plan, which means I am always prepared for the worst case scenario, instead of resting on my laurels! I am always prepared to expect the unexpected!
We cannot control the outcome of a trade, but we can control our loss at a pre-agreed exit point, if a trade is going against us; therefore protecting our trading bank in the process.
If we only focus on the things that are within our control, it means that we don't stress over things that we can't control. Why worry if your next trade is going to go against you? Because if it does, the only thing that you can do about it, is cut it short BEFORE it becomes unmanageable and a threat to your trading bank.
So instead of worrying about what will happen in your next trade, stay focused, "in the zone" and ready to manage that trade to completion by either taking your targeted profit or cutting it short at your pre-agreed exit point, if it is going against you.
Being prepared for the possibility of a trade going against you, is very different to worrying and stressing that it could go against you.
Preparation is all part of your trading plan; so being fully prepared for whatever the market throws at you, gives you a fighting chance of being able to deal with it, without damaging your trading bank.
"Focus on what is yours alone" and of course what you can control. Ignore what you can't control; you can do it!