- There is sufficiency in the world for man's Need but Not for man's Greed
Few people identify themselves as "greedy" but when it comes to money versus Discipline, we like to run the numbers first. Pick a scandal from the news and money will be at the core.
Greed - Intense and selfish desire for something, especially wealth, power, or food (Oxford Dictionary)
Einstein said 'there are three great forces in the world: stupidity, fear and greed.' Stupidity (at least in hindsight) leads people into situations where fear and greed are the roots of their downfall.
In a normal situation, if you buy something today it is worth about the same tomorrow, yet when prices are rapidly going up, it seems that if you buy them now, you are guaranteed a quick return when you sell them in the short to medium term. Based on the assumption that tomorrow will be much like yesterday, people become greedy as they seek the easy win of 'something for nothing'.
It doesn't have to be a choice between Discipline or profits. You can have both if you maintain a proper perspective regarding money and the value of your Discipline. Your goal should not be to simply avoid greed but to stand by your core values despite the cost.
You don't have to doubt your Discipline for dealing with money. You must say, "I will not let money override my Discipline. Make it your mantra. Make it your core philosophy for trading.
