I can’t even begin to tell you how many times I have failed. I will fail tomorrow and the next day and hopefully I will have an opportunity to fail till I am dead. Failure can be an important learning tool.
Different shapes and forms.
Failure comes in all different shapes and forms. The distance you fall after a failure, time it took to get to the failure,and whether you get back up determines that shape and form. I realize there are a million posts on why failure is important but success is important, especially in trading.
Failure is different in trading.
Failure/losing in trading is not the same as failure in other contexts. What is working right now is always changing. What happens to many traders is that they waste money until their system is working again or they run out of money before it happens. I believe in having a process so you can adapt to that change. When you find something that works continue to do it till it does not work. A 100x easier said than done.
Trading is gambling for some.
Trading is not easy because things change just enough to throw everything off. If you are not willing to change, trading does become gambling. I have seen many traders make it because of the market and be gone the next month. The great thing about struggling or learning from those who have struggled is that they were forced to create a process to manage this change.
Always playing catchup.
Many traders are just a a few steps behind. They will make just enough to keep them going. The market continues with some stability allowing the trader to close the gap. But they are tied to a strategy and the gap will eventually widen again when the change happens.
Being in the right position.
Getting yourself in the right position is a huge portion of becoming a success. Another part is making the necessary changes. Those that depend on a process and not a strategy are giving up instant success for long term gains.
Here are two tips:
Consider the process.
Learn as much from your losers as you do from your winners.
Failure is important in success but do not overlook the importance of success in succeeding.
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