If you’ve had your first trading failure, you may be tempt to give up. But keep in mind that this is a pivotal moment in your trading career. Stop right now or you’ll never enjoy the exhilaration of success again! So, if the market has knocked you down, here are some pointers on how to get back on your feet.
Accept and embrace your emotions:
You may be dissatisfy with yourself, the market, or even the entire planet, which is entirely reasonable. Don’t be frightened to feel what you’re experiencing. Allow yourself to be disappoint or upset, but then talk about it. Why are you so grumpy? Did you think you’d become the next Warren Buffett overnight? Don’t berate yourself for not being a billionaire trader from the first time you went into the trading platform. Baby-steps!
Keep your expectations in check:
Baby steps, in fact, are exactly what you should be taking. Expect to take a long time to become the next most successful trader. Instead, decrease your expectations, especially if you’re new to the industry and still learning the ropes. Your first failure is an excellent opportunity to assess and change your expectations for this new activity (perhaps without even recognizing it). To begin, look at risk-management measures.
Allow yourself time to learn from your failure:
Right now, you need to do some research. You must understand what went wrong in order to prevent making the same mistakes again. Maybe you went into the market without knowing how to manage your risk or how to understand your instruments. Have you gotten word about a certain instrument far too late? So, here’s your chance to learn and not make the same mistake twice. To prevent making the same mistakes, do your homework!
Restart, but this time uses a new method:
Great, your homework is over; now it’s time to begin on your new strategy. It’s the ideal opportunity to attempt once more — but this time without making any mistakes. If you haven’t done so already, you may begin by utilizing a trading strategy, or you can choose a new one if the last one failure. Choose from hundreds of trading methods we’ve previously covered, or come up with your own based on your own study. That’s fantastic!
Stop comparing yourself to other individuals who are more successful:
That’s all there is to it. There is no need for an explanation for failure. To be clear, comparing yourself to others will only prevent you from achieving since someone will always be larger, better, quicker, and stronger than you. That is true for all of your actions in life, but especially for trading. So, instead of comparing yourself to your old self from a few days, weeks, or months ago, compare yourself to your old self from a few days, weeks, or months ago. Are you a better informed person now? Do you have a better grasp of the market now? Congratulations if you answered yes; you’re on the right track. If you answered no, you must correct this before you may begin to grow.
Always keep in mind that achievement takes time:
You’re definitely aware that genuine success necessitates a significant amount of effort and hard work. Here are some examples of people who rose to the top after being knocked down by life. Walt Disney, the originator of one of the world’s most recognizable brands, was sacked from the newspaper where he worked at the time for “a lack of vision and imagination.” Disney attempted and failed to start various businesses before becoming one of the most inventive animation studios today.
Thomas Edison, a well-known inventor best known for inventing the light bulb, was expelled from school for being “too dumb to learn anything” and was unable to hold down a job due to his inefficiency. Even his most renowned creation required over a thousand fruitless tries before he ultimately succeeded in establishing his reputation and delivering light to the globe.
Oprah Winfrey, one of the most successful women on the globe, whose name is so well-known that you don’t even need to know her last name to recognize her, had a rocky road to success and fame. She had to deal with abusive family situations as a child, as well as multiple career problems. She was sacked from her position as an anchor at the age of 23 — the peak age for being on television – because management believed she was unsuitable to be on it.
Do you know what binds all of these folks together? Their careers would have been very different if they hadn’t failed. If they had stayed on their original route and never changed, they would not have become the individuals we know today. They succeed as a result of their mistakes and failures.
Our final piece of advice is to avoid comparing yourself to others, and we stand by it. But you can learn to have the same persistence they had and chart your own route to success – one that may be littered with errors and blunders, but will lead you to your goal!
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