LEARN FROM YOUR MISTAKES
Neophytes think their trading flaws will vanish after they get a few years of experience under their belts. But nothing could be further from the truth. In reality, even market professionals make costly mistakes that could have been avoided.
On Wednesday I made 17 trades and cashed in a series of big winners. It was a good day, but it would have been better if I didn't throw money away with stupid trading mistakes. But I rarely lose sleep about these errors, because it's hard to play the game with perfect discipline, day after day.
The market forgives traders' mistakes in easy times, letting us profit despite bad judgment and poor timing. But it's a different story when no clear trend guides the price action. In choppy and confused markets, a big loss can follow every small error.
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