Solve Problems Early
"There is no vice which lacks a defense, none that at the outset isn't modest and easily intervened — but after this the trouble spreads widely. If you allow it to get started you won't be able to control when it stops. Every emotion is at first weak. Later it rouses itself and gathers strength as it moves along — it's easier to slow it down than to supplant it."
— Seneca, Moral Letters
A valuable message here in today's meditation and this is for all walks of life, including trading!
When we are learning a strategy, we need to make sure that we address the things that we are not doing correctly, early on. If these mistakes are allowed to continue, because maybe we broke our rules and got away with it for example, they will be much harder to rectify, as they will start to become dangerous and destructive habits and when it all goes wrong we can be de-railed and set back big time; with damage to our trading bank!
Whatever these mistakes are; Maybe we are not executing out trades correctly by entering at the wrong time; Maybe we are staying in a trade too long and slipping past the pre-agreed exit point that we have set ourselves, leaving us in the land of hope, that the trade will turn back in our favour etc. etc. they must be acted upon, BEFORE they get out of hand or we will have a big problem!
We must rid ourselves of bad habits, impatience, ill discipline and chaotic trading behaviour, where we are frantically trying to get out of a trade that we still shouldn't be in; or even worse, we shouldn't have entered in the first place! So let's contain them before they become like raging waters!
Like the last sentence of today's meditation says and I quote; "What would you rather do--nearly drown in a dangerous crossing in a few weeks or cross now while it's still easy? It's up to you"