One of the aspects of trading that I've learned, is that it goes counter-intuitive to everything that society admires and holds dear.
Here's what the market punishes your for:
Having courage and bravery
Getting back up when knocked down
Fighting against the odds
Holding on against the slimmest of hopes
Selflessness
But here's what the market rewards you for:
Being a coward
Duck and running
Only trying when it favors the odds of success
Never having hope
Selfishness
If you've read this far you'll agree that…
Cool-Hand Luke would've made a horrible trader. Getting back up when you're knocked down, and having the courage to fight against insurmountable odds doesn't favor success in the markets.
Instead, when you're getting knocked down, don't get back up… move on.
Don't be courageous, jump ship when the trade isn't working your way.
There's no room for selflessness unless your are into Wall Street Charity (an oxymoron in itself).
Hoping that a trade will pay off for you, you'll undoubtedly lose. The slimmest of hopes is just asking for catastrophe. So don't hang on to losing trades.
So remember, if you're feeling heroic, brave, and everything that represents the character traits we all admire in society when you're trading… well then you're probably going to take an unnecessary beating.
Be sure to check out Ryan's Blog at SharePlanner.com
