The philosophy and thoughts of Bruce Lee are not only relevant in martial arts but can also be applied in daily life and Forex trading. One of Bruce Lee's famous quotes that implies great wisdom is: "Empty your mind, be formless, shapeless like water." These words depict the flexibility and adaptability required in all situations, including in the world of trading.
Like water that can change its shape according to its container, a trader must be able to adjust their mindset and strategy according to the ever-changing market conditions. As conveyed by Steve Clark, a successful trader must have the ability to quickly change their opinions. Failure to do so can result in being trapped in unfavorable positions.
The greatest traders have high confidence in their abilities and trading methods, yet they are also capable of acknowledging their mistakes and adapting quickly. This differs from other professions where truth is valued monetarily. In trading, the inability to admit mistakes can result in financial losses.
In trading, there are two main types of systems: mechanical and discretionary. In mechanical systems, rules such as Stop Loss must be strictly followed. However, in discretionary systems, price movement becomes the main determinant, and traders must be as flexible as water.
Successful traders are not attached to their own opinions or predictions. They act based on price movements and follow the market flow. They execute their trading strategies based on what is indicated by the price, not just based on their own opinions or predictions.
In trading, every decision to open a position should be based on the question: "Where will the price move now?" Traders must be ready to follow market movements and adjust their strategies according to the direction indicated by the price.
By conducting trading according to these principles, traders can increase their chances of long-term success. They become more flexible, adaptive, and better equipped to face changes in market conditions. So, be like water - flexible, adaptive, and continuously flowing with the market current.
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