People confuse being stoic with hanging on, on a bad trade for too long. Stoicism has nothing to do with letting a losing trade run longer than it should; it’s sticking with your trade-plans in the face of a losing streak.
This one factor is the fine line that separates the Big Dogs from the little fishes. But it’s not all ”fine-line” as it is the real battle-field that every trader must endure throughout their trading career. This is the slaughter-house where a trader’s utter ruin is almost inevitable before their trading career begins.
It’s likened to Feudal Japan, where stoicism was displayed by the Samurai caste to protect their Lords in the face of great adversity and affliction. Legend spoke of a certain Samurai Warrior who was faced with great adversity of doing battle with a thousand warriors. On the day of the battle, this lone Samurai remained calmed and meditated and displayed great stoicism in the face of grave danger. He defeated the thousand Warriors using a thousand techniques.
You have to act quickly and swiftly like that lone Samurai in the face of the plethora of myriads (fear, greed, doubt) Plaguing the retail trader, and deploy your “thousand techniques”, not against the slaughter house called Forex trading, but against your own Demons i mentioned earlier.
But these Demons can’t be killed, but contained.
THE ONLY WAY TO GET SMARTER IS BY PLAYING A SMARTER OPPONENT.
– Fundamentals of Chess 1885