Trader Quote #12…

Trader Quote #12

 “Time is your friend; impulse is your enemy.” Jack Bogle

==== So essential to this business and life. Time is relative and its all about perception but one must always implement patience when trading. Based on your entry/exit rules, enter when your system tells you to do so, not before, not a little bit after. I have payed the price emotionally and financially for letting my impulse rule my decisions. 
 
I also see this quote as  Long term planning and execution in the trading world. I have a risk limit of 5% in any given trade  but I could make 20% – 30% even 50 % more in my account. I have done it many times before, but the game doesn’t last very long and I got wiped out.  A 5% might sound boring and even slow, but if you understand compound interest and you let time grow your account slowly it will represent a significant amount. 
 
Especially when all the players come back from summer holiday and  we start serious trading on the 6th of August. We will be bombared with recession, stimulus, austerity, doom and gloom (as always by the way) its important for any trader to focus and execute his/her trading plan and not modify it along the way. I wish the best to all ! D.F.====
 
What do you think? is time your friend? when do you see impulsive behavior in your trading or business? any tips or recommendation you would like to share?


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