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Focus on your mistakes if you want to succeed

  • Post #1
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  • First Post: Edited Oct 15, 2013 7:18am May 9, 2013 6:44am | Edited Oct 15, 2013 7:18am
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Great post and I agree completely. No replies after 20 hours makes it very clear that this is not a popular topic and that most people here are focusing on the wrong things. I am willing to bet most of them are ignoring their mistakes and jumping from system to system after a series of losses (or even after each loss).

It is really quite simple:

1. Understand the probabilistic nature of trading by focusing on your result only after a series of trades, not after each individual trade. A 20 trade sample size should be enough to let you know if your edge is working or not.

2. Objectively identify your mistakes and seek solutions to never repeat them again.

The best traders are those who truly understand themselves.
If I had discipline to follow my system , I would be in 6 figures now .I always curse myself to be honest .I hate it .I thought I was past it but no , this demon keeps coming back
Quoting loleno
Great post and I agree completely. No replies after 20 hours makes it very clear that this is not a popular topic and that most people here are focusing on the wrong things. I am willing to bet most of them are ignoring their mistakes and jumping from system to system after a series of losses (or even after each loss). It is really quite simple: 1. Understand the probabilistic nature of trading by focusing on your result only after a series of trades, not after each individual trade. A 20 trade sample size should be enough to let you know...
One possible explanation for this may be that in order to reach the point of introspection, you need to have progressed on from the more frequently discussed subjects like finding an system, understanding how to trade, which broker to use etc.. Most of the posts I see on the trading forums (without being patronising) are novice oriented discussing mainly entry systems giving an extraordinary importance to the subject. I'm yet to read one thread of substance dedicated to refinement of a traders execution and accounts of the process... this is a very important part of the process to becoming self-sufficient in this business in my opinion.
Quoting tafadzwa02
If I had discipline to follow my system , I would be in 6 figures now .I always curse myself to be honest .I hate it .I thought I was past it but no , this demon keeps coming back
this is the reality ....the best we can do is to forgive ourselves and keep pressing on.
wo-yoy! wo-yoy! wo-yoy! wo-yoi! wo-yoy-yoy-yoy!
TranceTrader,

This post really nails it! At the time when I was moving from an "in the red" trader to a breakeven trader, I started a self-review system very similar to your method. It greatly, greatly improved my trading. It's amazing how many people struggle to accept that trading is really more psychology than finding a system. After keeping a record like this for a few years now, it's incredible looking back and seeing how I could have possibly made some of the mistakes a did. You highlighted what I consider the most important part of record keeping too - realizing when the winners aren't true winners.

Good luck with your continued trading. You are definitely on the path to successful trading!


SerenityFX
"Serenity, you sound like a frustrated Canadian living your life in the US"
I agree Serenity, good record keeping is vital to success in trading. It takes patience and persistence to build up the records though which doesn't fit well with the get rich quick ideals people have coming into currency trading.
Quoting TranceTrader
If someone else can make money with a specific strategy but another person can't... does it mean the strategy isn't profitable? (I've gone through this process many times ruling out supposedly profitable systems) or does it simply just highlight a gap between where you are now and where you need to be PERSONALLY to be profitable. In my case the problem lies within. Regards
For those who haven't seen it, Mark Douglas talks about this gap in the following video. He calls it the "Profit Gap". I hope some fellow traders find the video useful...

SatchFan

Inserted Video
There's a demon in me and I'm not able to fight it. anyone can help me please? Thanks
Don't give up
  • Post #10
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  • Last Post: Edited at 8:17pm May 17, 2013 7:39pm | Edited at 8:17pm
Great post SatchFan. Mark Douglas and his material have really helped me grow as a trader.

Quoting SatchFan
{quote} For those who haven't seen it, Mark Douglas talks about this gap in the following video. He calls it the "Profit Gap". I hope some fellow traders find the video useful... SatchFan http://www.youtube.com/watch?v=GhKJ9P3agRc
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