You're Making Decisions the Wrong Way
You're Making Decisions the Wrong Way
& how to fix it
Traders,
The kings of old were feared and respected because their decisions were set in stone.
Louis the XIV was known for this. In his court, nobles and ministers would debate endlessly about social, economic, and political issues.
They would often split into two sides, with each side choosing a representative to present their argument to the king himself, who had the final say.
The king would listen to both of their points. After they finished, a profound silence enveloped the room as he contemplated his decision, with an unreadable expression on his face. The representatives would wait, nervously.
After a lengthy pause, the king finally spoke, saying:
“I shall see”
He’d then leave the room. Everyone in the court was filled with suspense and anticipation. The king’s decision would be made a few weeks later, for all to see.
Think about this. Would the king have the same aura of power and mystery if he was indecisive? Would he be feared by everyone in court if he made a decision at that moment, then changed his mind over and over in the days that followed?
No. The king’s power came from his ability to think long and hard before he made a decision. Once a decision was made, it had to be the right decision.
Many traders have this backwards. They make a decision right away, then change it ten times. They don’t meticulously plan beforehand, and then run into problems they’re not prepared for.
As a trader, your strength is your ability to sit back and analyze. If you wanted to enter randomly and keep switching your positions, you could program a bot to do it. Before you enter a trade, your analysis should be like a workout for your brain. You need to visualize every possible scenario; have a plan for every event.
Think 100 times before you make a decision, but once it’s made, stand by it.
- Tradewriter
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