We’re all bound to make mistakes as traders. And making them is okay as long as we learn from it and try our best not to repeat them. Repeating trading mistakes often mean that you’re careless or that you’re not serious about your trading.
But learning from your trading mistakes and putting measures in place to ensure that you don’t repeat them can drastically improve your trading.
Imagine learning:
- From blowing an account because you traded too big.
- From hurting your account balance because you didn’t adhere to your stops.
- That your overall results suffer because you keep closing trades too soon.
- That trading strategies blindly without backtesteing first is dangerous.
- That deviating from your trading plan is not worth it.
- That listening to other people’s opinions and tips doesn’t help.
- How fruitless strategy hopping is.
- How emotional trading can be damaging to your account.
Now imagine you start eliminating your mistakes one by one. Can you see how it can help improve your trading?
Also, please remember that making a mistake does not mean you are dumb, stupid or a fool. Never ever call yourself any of those names (or anything negative) when you make a mistake. See your trading mistakes as opportunities to grow and improve instead.
Every time you decide to fix a trading mistake instead of becoming negative and thinking of yourself as some loser, you become more resilient. And believe me, in trading you need resilience.
Finally, mistakes help to keep us grounded. It reminds us we’re normal human beings, that we’re not infallible and not invincible. It helps to keep the ego in check.
Thanks so much for reading. Hope you and your loved ones are well and safe.
Thanks and Regards,
Trading SOS SOS