You won’t be successful as a trader until you’re comfortable with the idea of being wrong.
I’m wrong EVERY DAY.
Numerous times.
I’m ok with that.
And that’s part of why I’m successful.
I was wrong again.
Part of the position was stopped out at -2.0 points; the rest was at -2.25 points.
Whatever!!!
I step aside.
I regroup.
And I return and do it right.
Because, you know what? One trade does not define the success or failure of my trading business.
A trading edge plays out over a SERIES OF TRADES.
It took me two more trades to get back in front.
One that almost did it… it’s just the commissions that kept me in slight drawdown.
What was I saying before about “right but mismanaged”?
Thankfully there was opportunity to re-enter!
Yep… playing The Fourth Principle would have worked out so much better.
But instead, I’m left with a whole lot of IMPERFECT DECISION MAKING!!!
And yet… that’s reality.
I’d love to show you only the “perfect” trade sequences.
But that would be doing you a disservice.
Reality is sometimes messy. You need to accept that.
And you need to learn to profit DESPITE your imperfection.
So if you find yourself overly frustrated after a trade loss, and unable to get back in while the premise is still valid, ask yourself why?
Do you not believe in your edge?
Do you not believe in your ability to trade your edge?
Are you trading too much size, such that a single loss actually HURTS?
Or have you not yet truly understood and accepted the long-term nature of this business (aiming for positive results over a series of trades rather than on every single trade)?
You won’t be successful as a trader until you’re comfortable with the idea of being wrong.
I’m wrong EVERY DAY.
Numerous times.
I’m ok with that.
And that’s part of why I’m successful.
Happy trading,
Lance Beggs