Plan it well
A friend was asking about the bull market today, and he was expecting me to raise his hopes high. All I kept telling him was the bull run might be over already, that he should plan well, and what if the bull run is already over? In the middle of the conversation, he accused me of not always being positive about things he said. Meanwhile, experience has taught me not to always put my hopes in everything positive and Sometimes, it's good to be slightly scared of the unknown.
I realize that when making plans, we don't always focus on the possibility that the plan might not work because if we think about it, we will make plans for the negative outcome, but most people only make plans for it to work out and this is not the best way to make a plan because immediately our positive plan didn't work we began to have a change of mind, we see ourselves as a failure, and we might quit easily, but another scary one is always getting our plans right, which creates the mind of being invincible, which can be the or easy path to failure.
You are not invincible
A prime example of this can be seen in trading. When you make gains on a couple of your trades never forget to use stop loss, there will always be an urge not to use stop loss because you may feel invincible after mastering a certain strategy. However, the market is unpredictable and can behave differently, teaching you that experience is the only way to truly learn. This behavior is also common in real life when making plans. Just because some plans work out, it doesn't mean you are smarter or invincible compared to others.
This feeling of being invisible always comes when we get some things right. We believe know it all, and most people neglect the negative outcome, what if their plan doesn't work? in reality, we normally neglect this just because we've got some of our plans right But planning for the negative outcomes is like using stop loss because this will always protect you from serious damage, but most times, it is the only experience that can teach us this. We believe we know it all. But where the power lies is not the plan but the plan that you make if the plan you make doesn't go as planned.
They way we give meaning to things can be the major difference
Since nobody is perfect, it's difficult to have a perfect plan. Our plans may sound good initially, but when reality sets in, things can turn out differently. Therefore, it's crucial to plan for different outcomes so that we won't regret not having a backup plan. These outcomes may not have a significant impact on us, but they always serve as a reminder that we're not invincible. Being prepared for different outcomes is a valuable skill that most successful people possess.
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Thanks for your time.
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It sounds like your friend might be playing a bit too much attention to the news. The FUD/FOMO is crazy and I think having a plan is a good thing to have. At least you won't be hit by the FUD/FOMO as much as you have clear targets to buy or sell.
Having a backup plan is crucial, since the main plan doesn't always work out as expected and one can adapt to the changing circumstances, making best use of the new situation.