Patience or Patients?

Just a reminder to everyone: you can only take what the market gives you.

I trade a fairly specific trading plan. In it, I specify the times that I trade and the circumstances when I don't trade. The "when to trade" part is fairly easy but the "when not to trade" part is more problematic.

Firstly, I like to trade. Trading means that I'm doing something. Not trading means I am either just sitting there or I'm away from my workstation - that's called "the week-end" and most traders hate the week-end.

Secondly, I have financial obligations like everyone else and trading is the way I meet those obligations. When I don't trade it means I'm not earning money to meet those obligations, so I don't happily stop my trading.

Having said all that, there is one thing worse than not trading. That's called "losing money". I HATE losing money because of my own negligence or stupidity. I don't mind losing trades if they are a result of sticking to my trading plan but losing money when I have ignored something I have worked out as "required"  makes me angry at myself. Lack of focus or discipline.

Stuff happens and I do lose focus and discipline. Usually it's because of something going on at home. Trading requires 100% concentration when I am working.

So my "don't trade" rules include 1. Not trading if I am concerned (to the point of distraction) about something in my personal life. And,

2. I don't trade if the market is dead. I'll either go and do something else or switch to a market that has momentum.  Which is why I traded the Bund today. It was slow easy biz. My alerter did catch them well. This stuff is not too hard.

BTW, there is a response from Shepton in the comments of the post.