I adapted this from a quote from my own coach (…yes, we coaches have a coach, too. That’s why we’re so good at what we do ๐)
Here is my version:
Profitable trading is created by constant trial and error and evaluation.
When you enter a trade, you enter with a certain expectation. We all do that. We trade based on our expectation of a stock to move in a specific dirction. And sometimes, your trade moves in the right direction, and everything is great.
Other times the trade will turn on you, or behave in a way that you did not expect, and you end up with a trade that’s not so great.
It happens to all of us. It’s normal. It’s business.
You try, you fail, you evaluate
And here is where the difference lies: Will you learn from your mistakes?
Evaluating and learning from our mistakes is the ONLY way we improve as traders.
We try, we fail, we evaluate, and we improve.
Always remember to evaluate your every trade and learn from your mistakes.
What did I do right?
Where did I go wrong?
What can I do differently in my next trade?
But here is a thing we sometimes forget:
Never beat yourself up for mistakes you’ve made. It doesn’t serve you, it doesn’t serve your trading and it certainly doesn’t serve your trading account.
Just focus on the facts;
- What did I do right?
- Where did I go wrong?
- What could I have done differently?
This is how you will create better results next time.
To your success!
.
