#2. “If you personalize losses, you can’t trade.” – Bruce Kovner
#1. “I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have” – Paul Tudor Jones.
In life, there are many lessons we think we know, but fail to apply. When millionaires and billionaires are giving us the answers, but we still fail to apply those teachings, how can we expect to not fail as traders?
I have studied the Greats, for many years. Another thing they all have in common is a morning ritual. Their rituals are different but the fact that they all have them is encouraging. I encourage you to reset your alarm, whatever time you wake up in the morning, I want you to change the settings on your phone. Instead of repeating the same alarm everyday, set different ones. Name each alarm, or add a note in that alarm using one of these quotes. As soon as you wake up in the morning, don’t hit snooze or dismiss without taking the time to read the quote of the day. Then every few weeks or couple months, change them out with some of the other ones.
I don’t teach anything I don’t practice, and when I started applying this method I began to notice a significant difference in the way I trade. My eagerness to enter the market has balanced out. I got over the anxiety of always leaving money on the table when I’m not trading. Many traders have those same problems and it’s tough not to when we have 24 hour access to viewing our profits and losses.