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The benefit of trading and life is that the same lessons can be applied to each other. Truths about life can be slightly shifted to relate to trading and vice versa. You are constantly needing those lessons.
I was just talking to another trader who was having trouble pulling the trigger. Assuming you have taken the necessary steps; having the money to lose, having a plan, can maintain discipline, and willingness to continue your education in yourself, the market, and the relationship between the two. The next step is to do, those things give you a chance. What you do with that chance is dependent on you and your ability to absorb and react to feedback. A few things to think about.
Don’t worry about perfect.
The easiest way to fail the first time is trying to be perfect. In the beginning, understanding how different the experience is from how you imagined it is important. Start with reasonable expectations and over time shift to unreasonable expectations.
Seeing others do it.
At the beginning you believe you will be successful. After your expectations for success are not met, your belief fades. Surround yourself with as many people who are successful. Seeing is believing. You will begin to notice some of the little things that they doing. The difference between good and great, I have found, is in those little things.
The mind cannot distinguish between doing and thinking. This will give you a chance to gain some experience without doing. As I said above, there is going to be a gap in how you thought the environment is and how it actually is. It is the cartoon effect. In the beginning, this exercise will be close to useless. Keep doing it.
Ego does not work well in situations where temporary set backs are inevitable. Get over yourself and do it now. Ego should be used like salt, in moderation.
Just a moment in time.
Chances are if you fail, you will have another chance. In that moment, it is near impossible to have that perspective. You have a choice in how you define failure. You also have a choice in what you do with that failure. You have a choice, make the right one.
Letting one mistake become many.
It is not connected. An outcome does not have to be connected to another. (I say that because if you are short you cannot be long at that same price.) One trade does not determine the success or failure of your career. The outcome of a trade can change the trajectory of your day or career but that is why discipline and self evaluation is important.
This post is getting long, but there are other things as well. Curious to hear your thoughts below.
No sooner than I gave that advice similar to that was I forced to take my own advice. I was asked to do a live interview about me and trading. I was asked on Monday and the interview was to take place on Thursday. I don’t like talking about myself but at the same time any exposure is good for business. I had trouble sleeping. When I was done trading, that dominated my thoughts. I prepared by watching and listening to as many interviews as possible. Imagining how the interview was going to flow and gathering advice from anyone that would talk to me.
My problem was I was trying to be perfect. It made it so much worse. It added to the pressure before and during. I have a tendency, when I speak to jump ahead in my mind. My mind moves faster than my mouth. I am constantly trying to slow myself down. I had a plan but did not execute it.
I have not seen the video but it was about an hour of miscommunication and incomplete thoughts. It may be better than I thought but as of right now I am choosing to see it as a failure. Seeing it that way gives me energy. I can do that because I have an overall confidence in myself, I understand what I did wrong and I am already planning for the next time. Most of all I am willing to try again and start the process all over again. You must feel similarly to that about trading.
Like trading or football, you prepare and when the trade starts or the ball is snapped, you rely on that. I lost track of that.
I failed but I have an opportunity to not become a failure. That is my responsibility to myself. A responsibility I look forward to having. It was a moment in time, it that too shall pass. I am not going to waste this failure and you should not waste a win or a loss in trading.
I am not sure when the interview will be out but I will post it here along with what I was trying to say.
I will leave you with a quote from FDR “We have nothing fear, but fear itself.” Easier said than done.
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