One of the interesting commonalities with the Market Wizards interviewed past times Jack Schwager is that many suffered blow ups early on inward their careers. Those implosions turned into of import lessons that shaped their hereafter success. Their success came, non exactly from winning, but from turning the downs inward their trading into ups. Without the failures, they would non get got achieved their successes.
I honor this is truthful inward relationships every bit well. It sometimes takes a seriously failed human relationship to learn a someone what they genuinely necessitate inward a expert relationship. Many a happy union has been preceded past times an unhappy prior relationship. The same is ofttimes institute inward career development. One doesn’t honor the right administration until pursuing to a greater extent than or less incorrect ones. The downs inward life render fuel for the ups. That is purpose of beingness alive.
Here’s a slap-up practice for your trading journal. Divide the page into 3 columns:
In the commencement column of the mag entry, position your greatest trading failure during the past times week. Was it a missed chance that your procedure should get got picked up? Was it a merchandise taken that genuinely lacked an edge? Was it miserable implementation of a expert thought or an thought that yous only took from the crowd?
In the minute column, assess the consequences of that trading failure? How much did that failure damage you? In actual losses? In lost opportunity? In your mood or focus? In subsequent bad trading? We don’t alter our patterns unless nosotros sustain awareness of their costs. When nosotros emotionally recognize the consequences of our actions, nosotros honor the motivation to brand changes.
In the 3rd column, clearly formulate a innovation of activity for correcting that trading failure over the coming week. This becomes your mandate, your overarching destination for the week. You volition assess the success of the calendar week based upon your might to plough trading defeats into your evolution every bit a trader.
Imagine sustaining such a mag projection for an entire year.
Imagine a parallel projection for improving yourself every bit a spouse, every bit a parent, or every bit a professional person inward your work.
Turning failure into success fuels growth. Continuously turning failure into success fuels resilience. This mag exercise, over time, builds the spirit every bit good every bit the performance.
Further Reading: Five Features of Great Traders