So often, we say things like, “It’s unfortunate, but market goes opposite me” or "SEC lawsuit crashed prices, so I lose" But blaming other people or minimizing your responsibility isn’t helpful to anyone.
Before you can learn from your mistakes, you have to accept full responsibility for your role in the outcome. That can be uncomfortable sometimes, but until you can say, “I messed up,” you aren’t ready to change.
2. Ask Yourself Tough Questions
While you don’t want to dwell on your mistakes, reflecting on them can be productive. Ask yourself a few tough questions:
• What went wrong? • What could I do better next time? • What did I learn from this?
Write down your responses and you'll see the situation a little more clearly, sometimes from different side. Seeing your answers on paper can help you think more logically about an irrational or emotional experience.
3. Make A Plan (checklist)
Beating yourself up for your mistakes won’t help you down the road. It’s important to spend the bulk of your time thinking about how to do better in the future.
Make a plan that will help you avoid making a similar mistake. Be as detailed as possible but remain flexible since your plan may need to change.
Creating checklist of trading criterias (for entry, for stop loss, for target etc) can be very helpful. Make sure you have it in front of your eyes before open a trade or close it.
4. Make It Harder To Mess Up
Don’t depend on willpower alone to prevent you from taking an unhealthy choice or from giving into immediate gratification. Increase your chances of success by making it harder to mess up again.
To prevent yourself from having instant loss split your deposit to several accounts and make sure you using only small part of it for "intraday" or "scalping" trading. Additionally split your deposit for Savings account and Spot trading. And if you new to trading use only about 15% of your investment to learn, and don't touch other part untill you gain good experience.
5. Create A List Of Reasons Why You Don’t Want To Make The Mistake Again
Sometimes, it only takes one weak moment to indulge in something you shouldn’t. Creating a list of all the reasons why you should stay on track could help you stay self-disciplined, even during the toughest times.
Create a list of all the reasons why you shouldn’t enter the market, it could be your emotional state, willing to revenge on the market or might be a price action setup, fundamentals or something else. It will help to resist the temptation to enter bad trade.
Self-discipline is like a muscle. Each time you delay gratification and make a healthy choice, you grow mentally stronger.
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let me bestow upon you some good advice my grandpappy gave me:
the noob trader learn from other people's mistakes
the regular trader learns from their own
the pro trader learns from none
Trading-Guru
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@coinhoIio, Some more advice to tag along to this thread. Think about not just your own wealth, but also that of the generations after you. This is my educational post on how much BTC you need to establish generational wealth:
toanthainguyen
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Hi bro. I agree with you. I have been there as a young trader for many decades ago. Everybody has to fail most times in order to succeed the few times. You cannot call yourself for being a trader only jumping on fomo stocks. After years of trading, I gained a lot of experience but importantly, the insight to make a strategy to succeed time after time. If you want to learn to trade properly, here I educate a strategy for most to use. It is very bullet proof. Trading is about setting targets and dare to exit pos either in profit or loss before things gets out of hand.