In Greek mythology, we read how Daedalus who is captured in Crete island and plans to flee the island together with his son Icarus. So, Daedalus cleverly built some wings using wax for himself and Icarus for the daring escape. Daedalus advises his son fly at a middle height, avoiding the sea below from getting the wings wet and the sun above to prevent the wax that held the features to melt.
Icarus heeds his father's advice for a bit, but then he gets arrogant. He's having so much fun flying that he forgets the warning and flies too close to the sun. Sure enough, his wings start to melt, and Icarus plummets into the sea and drowns. Daedalus is devastated by his son's death, but he manages to fly to Sicily and escape.
What were Icarus’ fatal mistakes? He was having too much fun and got carried away by instant gratification. He had ignored his father’s advice to fly within the specified altitude the wings were supposed to function. Eventually, he got so overly excited and overconfident, and he pushed above the limit and got himself destroyed.
The mistakes of Icarus are still repeated in modern times too. Arrogance, high risk taking and too big to fail attitude are the common negative traits for self-destruction and annihilation.
The most well-known examples are Bear Stearns, a giant in the global investment banking, got destroyed during the 2008 financial crisis and the sinking of HMS Titanic during her maiden voyage in 1912 are solid reminders to keep us level headed at all times.
As we seen in this story, it can be lethal to stay outside the specified zone we are meant to keep. In trading, ensure you stick to your trading plan and constantly check your bearings to ensure you don’t get carried away with excessive self-confidence.
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About the author
Ramesh is an active trader producing over 200% gain in 2017 and author of 3 trade strategy development books sold on Amazon. He is the creator the 10/20/30 Rule™ that could transform a mediocre trading system to become a top performer by following a systematic and thoughtful approach on strategy development.