Desperation is certainly far worse than dependence.
When it comes to trading, desperation robs you of your intelligence and causes you to do extremely foolish things. Going full tilt, balls to the wall, with no sense of direction or purpose will not get you where you want to go. In fact, it will throw you off your path and almost certainly make the journey take even longer.
In trading—and in many things in life—slow is fast, and fast is slow.
NEEDING a specific result or a particular trade to work out will almost guarantee that you make decisions that prevent that result from happening. That is why overtrading and oversizing become so rampant when you’re desperate for a result. Desperation makes you trade like an idiot. It takes you out of the driver’s seat of your own conscious decision-making and puts your emotions in control.
As far as my own trading is concerned, I’ve decided to take my own advice. I’m lowering my daily profit target while also setting my maximum daily loss at $500.
The goal is simple: only take A+ setups. I’m not going to trade for survival, chase a number, or force a trade because I feel like I need to make money that day.
I want to trade from a position of patience and discipline rather than desperation.
I’ll let you guys know how it goes.
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