Getting the most out of each lesson.

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 to learn.  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.

Visualization.

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.

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.

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  • The dont worry about being perfect is needed by me. Since on twitter feel its harder to state entry/exits in trading account. Long term account that I never discuss doing quite fine. Food for thought, thanks.

    • Like anything you get tired of getting the same result and change.  Thanks for the comment.

2 Responses to Getting the most out of each lesson.

  1. GYSC says:

    The dont worry about being perfect is needed by me. Since on twitter feel its harder to state entry/exits in trading account. Long term account that I never discuss doing quite fine. Food for thought, thanks.

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When your objectivity leaves, you should too.

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