Empty your mind; be formless, shapeless – like water. Now you put water into a cup, it becomes the cup, you put water into a bottle, it becomes the bottle, you put it in a teapot, it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
This is my favorite quote of Bruce’s, because this is the true nature of Markets. The markets are FLUID and change their flow often depending on a myriad of factors. If the market conditions do not favor your style of trading then you wait until they do, or you learn to trade different styles to adapt with the current prevailing conditions. The best way to do this is to note your results with a journal, where you track the statistics of your trades and the feelings/thoughts behind them. Keep an ever present honest review of your trades and you will build a memory and learn to FEEL when conditions are correct for your fighting style. Newbies will often try to use a subjective/fixed point of view to trade off things that worked recently in the past for them. They will search for perfect indicators/systems/bots thinking after they find them, that they will always make them money! Problem is if markets are ever FLUID and you don’t change with them, you will simply drown in losses or have less then stellar results. I have seen even good traders/signal providers who have no connection to the price action or flow of the market do this. It was so bad at one point, that I had to stop watching them trade, it literally made me cringe. They would see their pattern or setup, then trade it with no respect to the flow of the market at that time, then the market FLOWS on by them, taking their money in tow. So go with the FLOW and “BE WATER, MY FRIEND!”
I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.
This Bruce quote points to the art of mastery. Repeating a setup over and over and over again while learning when and when not to apply it is the art of mastery. This often is where patience and true discipline is learned, doing things that may seem counter intuitive at first, yet yield an over all positive result in your trading. In my REWIRING article I point this out. Along with this the use of a demo account or small funds to practice your learning of a method/setup is very key. Mistakes here are ok to make as your focus is the process to gain the patience/discipline needed to master the techniques you wish to apply. Remember trading is a skill and the best fighters practice often and long. Stay focused on one method/style to start until you feel you can do it in your sleep. Simply put “PRACTICE PRACTICE PRACTICE!”
The great mistake is to anticipate the outcome of the engagement; you ought not to be thinking of whether it ends in victory or defeat. Let nature take its course, and your tools will strike at the right moment.
Bruce is telling us to not allow our desires/fears to dictate your actions. In trading binary options with timing being so key, one must not allow their THOUGHTS to interfere with their SKILL/FEELINGS. Now this is ambiguous I know. What do you mean thoughts? How are they any different from my feelings? Ask yourself a simple question next time you trade, about your FOCUS and where it is located. Do you have a setup and are you focused on the chart/information of what the markets are telling you? Or are you instead thinking about making a winning trade or fearing a losing one? Many will do the later and TRY to win or stay out of setup out of FEAR, completely losing objective reasoning of the setup or market conditions they should be focused on instead. This leads to all kinds of errors that take them away from any logical application of the very skill they are trying to apply/learn. They chase, become reactionary/subjective and this is the road to hell for a trader. Stay focused on finding good trades and what is needed to make them, not your desires or fears which will have little or nothing to do with the charts before you. Stay focused on the TRADE not the outcome which you have no control over. We can only control the making of good trades.
Patience is not passive, on the contrary it is concentrated strength.
Watch Bruce fight in his old movies, here is teaches us the art of waiting. He always waited for his opponent to attack so he could strike and counter them with perfection. Trading Smart Options profitably is very much the same. We wait and wait and wait, sometimes it seems forever for the right moment to strike, putting defeat beyond us best we can. This takes great strength to stay focused on the market and setups we trade, not allowing our desires/thoughts to interfere and rush/chase trades that do not fit with our objective of profitable trading. The discipline of this is concentrated strength pure and simple. By following this principle in nature you will allow yourself to learn how to FEEL/FIND the best setups and best timing for them.
A fight is not won by one punch or kick. Either learn to endure or hire a bodyguard.
If you wish to learn to trade than you must allow yourself to lose and accept losing as part of the game of gaining knowledge. Start with a demo/practice account or very small funds. It takes time and skill to learn to trade profitably. As with any profession. You may in the start loose many times and feel beaten and abused by this process. Those who do not allow for this will simply not succeed. Far too many want the gain without the pain. The other option is to hire somebody to teach you as there are many services out there that offer this, yet in Smart Options Education and Smart Options Signals there are few who are honest or really have anything to offer outside of taking your money. In the future we will feature services we view as a benefit to binary options traders who seek help in learning to trade.