No Pain, No Gain
"Difficulties show a person's character. So when a challenge confronts you, remember that God is matching you with a younger sparring partner, as would a physical trainer. Why? Becoming an Olympian takes sweat! I think no one has a better challenge than yours, if only you would use it like an athlete would that younger sparring partner."
— Epictetus, Discourses
Another meditation today, which we can compare to trading.
There will be pain on your trading journey, as you are learning and developing. You could well try a few different strategies, before settling on one, that you feel suits your trading style the best.
The pain from losses is all part of your education and hopefully you will learn from these losses, rather than keep making the same mistakes!
If you stick with a strategy patiently, practicing and practicing, you will become more consistent and confident and the mistakes will become less frequent.
Obviously, some trades will go your way and others will occasionally go against you. It's being able to keep the resolve and mindset to manage your losses, by cutting them at a pre-agreed exit point, to avoid taking an unmanageable loss, that can damage your trading bank. As soon as I enter a trade, I know what my exit point will be, should it be required if a trade is going against me.
If you are using a set and forget strategy, then you are relying more on staking and the percentage of your bank that you are placing at risk and also taking into account the strike rate that you will need for it to work long term.
I use one set and forget strategy, every day, where I place my bets the night before and hopefully the winners will outweigh the losers! Some days they do and some days they don't, but the main thing is that it is profitable over the long term.
I also do one first half football strategy that is set and forget. I know what my maximum loss will be if there are no goals in the first half, because of what I have staked/risked.
My other strategies are all managed in play and to completion, win or lose.
You may have a preference to managing your trades, rather than set and forget and vice versa of course.
Some will find that they can't pull the trigger to exit a trade that is going against them and much prefer set and forget. Others will prefer being able to control their trades, so they can manage the outcome, rather than just letting them run. There is no right and wrong here; it is purely down to personal preference and what you find works better for you.
However, whichever option you choose, you need to be protecting your trading bank, because that is what keeps you in the game, so risk management is imperative.
Avoid jumping from strategy to strategy and give your strategy time to work! With patience, discipline and the correct trading mindset, you can do it I promise you!