This is a follow up to yesterday’s post about not pulling your trigger. I cannot express enough how difficult it is to trade if you are using money that you need to pay the bills. Some people love that pressure but I think it is too much, especially for those just starting their career. If that is the case the following may not apply to you because the consequences are different.
Yesterday’s post briefly talked about how when I place a trade I accept that the money it is gone. The worst that can happen is that I do not follow my plan. Yes, I can lose more than I intended to because of liquidity or technical issues and that is bad. However, I control if I follow my plan.
Expectation vs Acceptance
Take a second and think about those two words? What do they mean to you? To me there is a distinction. I do not expect to lose, I accept a loss. By accepting a loss I can focus forward. I cannot worry about what I cannot control. I cannot control if I lose, I can only control how much I lose (except in the rare case as stated above).
Many people stumble on the difference between expectations and acceptance, I know that I did. Acceptance means I will take whatever my trading plan and ability allows me to take from the market. Doing the work and following the plan, I expect to get the most of that acceptance.
For me, the worst thing that can happen is that I do not follow my plan because that is what I control.
Please note I am saying to just go crazy and not think about the consequences of trading. I cannot speak for every traders situation, the trader does. I always hesitate in writing a post like this because it has the potential of being taken the wrong way. Once the work is done you should want to perform. The purpose of all the hard work is to find a way to be successful.
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