At the start of every year, people would set multiples resolutions.
Well, you know the drills.
And the list goes on.
I was one of them too. And I HATE doing it.
As soon as my willpower wanes, my laziness takes over.
And I’ll be back to my old self.
That sucks. I need stronger motivations to persevere.
This time, I challenged myself.
10,000 chin-ups or pull-ups by the end of 2017.
The idea is crazy. People teased me.
At the start, I wasn’t sure.
But something inside me told me to DO IT.
Let others talk. I walk the talk.
My purpose is crystal clear.
“I want my daughter to be proud of her healthy and fit daddy who never gives up inspiring other around the world.”
So, I kept my head low. I kept grinding and hustling almost every day.
50, 100, 50, 50, 50 chin ups.
With another 2.5 months to go, I’m down to my final 1,700 repetitions.
The journey isn’t always perfect. There are times I was lazy. Many times, my exercise form is off.
But that doesn't matter much. I reminded myself of the purpose for doing it again and again.
Ok, so how is this related to the quote that I’m about to share.
[Warning. Technical content]
“If you’re not succeeding, you’re doing something wrong. Don’t keep doing the same thing; take responsibility and study your mistakes.”
Well, you see.
At the start of my ten-year stock trading journey, I achieved several outcomes:
If I were to continue with these milestones, I’m destined to lose all my hard-earned capital.
So, I analyzed my past trades and discovered a fundamental truth.
To multiply my wealth in stock investments, I’ve to achieve these four outcomes over the long run:
“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.” – George Soros
My winning percentage has always been low. But I remain profitable.
Many novice traders seem to be keen in favorite stocks like Apple, Microsoft, Netflix, etc.
But they neglect the importance of taking trades that have the potential to be big wins or small losses. Big losses will kill your account, and small wins will do little to pay for those losses.
You must manage your potential losses and keep your profits open-ended. It's a crucial element for trading success, and you must strategize them.
Many professionals know that the winning percentage for the best traders is less than 50%. Having big winning trades and small losing trades is a trading edge.
The skill of cutting losses short is a primary driver of a profitable trader’s ability to make money. Big losses are the primary reason most new traders are unprofitable.
The takeaway here is to be profitable; your winning trades must be more significant than your losing trades.
You don’t have to be right all the time; you only have to be right big and wrong small.
Letting a loser run, taking a small profit and eliminating a big winning trade is what creates unprofitable trading.
It is a much simpler path to profitability to ride trends in your trading time frame instead of trying to be right about every entry.
To sum up, always allow winners to run as far as possible with the use of trailing stops. You never know when you could have a massive win with the right entry and trend.
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