What is the secret of success? 🌴 Being Wrong is OKAY!

Here is the 5 TIPS TO DO with your mistakes:

1. Acknowledge Your Errors

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.


Cycle of Trading Psycology tips:
HOW TO BALANCE YOUR LIFE AND TRADING

5 TIPS FOR SMALL ACCOUNTS

Savings Account GAINS explained
Simple Investing Strategy, Affordable for all!

Best regards,
Artem Shevelev

Comment:

I hope you can learn from this articles

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