Control Is an Illusion

Control is an illusion, but you can influence the outcome.

Things rarely go exactly the way you want. That's true of life - and certainly of trading. But within the reality and time you're given, you can influence your direction.

So the question isn't: how do I get control? The real question is: what do I do with the time I'm given, and how do I respond to challenging situations? Those are the only things I can influence.

"All we have to decide is what to do with the time that is given to us."
— Gandalf the Grey, Lord of the Rings

That requires 100% honesty with yourself and full ownership. And above all: taking action to adjust where improvement is needed. Success is saying no to what's less important, and yes to what actually moves you forward - and then staying honest and disciplined about it. And then actually doing it. Because you are what you think, and above all what you do. But if you just keep thinking and don't do enough, nothing changes.

What do you really want? For your work, your life, your financial situation, your trading. And maybe even more important: what are you willing to do for it?

I often hear that a lack of time is the problem. I see it differently. As far as I'm concerned a lack of time is usually a question of priorities. You don't need more time, you need focus. And focus only arises once you know what you want, know where you need to adjust, or dare to honestly admit that it isn't clear yet.

Is it not clear yet? Make it clear and go after it. Not as a New Year's resolution for January 1st, but for today, for the coming week, for the weeks after that - for the rest of the year. Deciding to stick to it: that's where self-discipline and honesty with yourself begin.

As a trader, you want to work systematically. Here is my top ten:

1. I log all trades - without exception
2. I make sure I have high-quality screenshots

1. I don't place more than X trades per day or per week (fill in a number for X)
2. After 2 losses I stop for the day
3. I spend a maximum of a few hours a day on trading
4. I keep my risk per trade low and consistent
5. I develop my own plan/strategy with an accompanying checklist and take full ownership of it
6. If I don't dare take a trade, I record it as a simulated trade, journal it, and reflect on it
7. I reflect weekly with my mentor - whether things are going well or badly, whether I've placed trades or not
8. I make sure I'm prepared and can present my log and screenshots

Being this concrete and following it consistently and with discipline is, for most students, the biggest challenge. And that has surprisingly little to do with being able to read charts or spot setups. The latter is actually the result of working systematically.

Where you currently stand in your trading - whether that's good or not yet where you want to be - is the result of the choices you've made so far. The question is: what do you need to change in the choices you make to become (even) better? If you're honest, the answer is almost always found in one or more points from the list above.

Example of a trading system (in this order):

1. Mindset - what state am I in? Am I focused and calm? Is my plan/strategy in order? Is it wise to trade today?
2. Determine bias
3. Determine trade setup
4. Trade timing
5. Trade management
6. Logging → reflecting with your mentor → learning

Point #1 Mindset determines everything that follows. If #1 isn't in order, the rest is unlikely to be executed well and any success will be largely random. If you're not yet achieving the results you want, there's almost always something off in the bigger system, your mindset, or both.

As I wrote before, that rarely has to do with checklists or individual trades.

The quality of your overall system is what ultimately determines the outcome, and mindset is key.

What you do consistently and with discipline today determines where you'll stand tomorrow. That's true for trading and for many other aspects of life.

Having control is an illusion. But your direction can be influenced, and that requires you to do something yourself.

Between where you currently stand as a trader and where you want to go, there's a gap. How you close that gap is described above.

Consistency, discipline, honesty and reflecting with your mentor are crucial here.

⸻

Below you'll see a beautiful week of the US30, with a nice bear flag and four setup opportunities, plus a bit of humor including a light-hearted moment in which I trip over a few LHs and HLs myself.
https://www.loom.com/share/854bdb7f86c544afaff52bc3a998e7a8

I'll also follow up with a reflection on the IWM, with a few clean setups.

Book tip of the week - and maybe of your whole (trading) career and/or life: Think and Grow Rich - Napoleon Hill.
https://www.amazon.com/Think-Grow-Rich-Landmark-Bestseller/dp/1585424331

Mindset is everything.