1. You Cant Control Your Life, But You Still Can Take Some Profit From It
Nobody can control the markets. But there are a few who are taking a profit from them. Thats one of the first a-ha moments any trader stumble upon. Its also one of the hardest to grasp.
In terms of personal development, thats another way to say that life is not fair. It never was, of course. But, in itself, thats not even remotely a reason to stop taking profit from it.
The illusion of control is one of the biggest lies our ego tells us. Just because we have a basic understanding of our universe, all of a sudden, we start pretending that we can control it. We start to believe that we can control everything in our lives. To some extent, we can. But the more we pretend we can control everything, the more the Universe is kicking our butts with unexpected events (in the form of what we usually call crises).
The lesson: its not about controlling the wave, its about riding it.
2. Make And Use A Stop Loss
In technical terms, that means you have to create a specific point at which your losses will be stopped, even if you are around. Its the amount youre committed to lose in that trade. Many beginners dont use stops, and they usually burn their account within a few days (read: go broken).
In terms of life that means: nothing is worth everything. If you commit to a certain situation, to a certain project, or career, that doesnt mean you have to stay there forever. Make a short projection of what is the worst that may happen, in the worse scenario, and stick with your plan. If the shit really hits the fan, just leave. Dont wait until youre completely drained out. Or covered in shit (as Ive been before, and not only once, because of my overcommitting approach).