Have You Failed Enough to Succeed?

Any business has a close relation with your mental and psychological situation. To become a good businessman you have to be able to control your emotions first, otherwise you cannot work properly. New entrepreneurs are not aware of the harmful emotions, until these emotions causes them to make mistakes and lost money.

We have learned to be emotional, and decide, talk and act based on our emotions. This is good in some parts of our lives, but it will become a problem when applied to other parts, like business. In any kind of business, you will lose if you decide and act based on your emotions.

Thomas edisonTo become able to control and prevent your emotions from interfering in your business, first you have to know your emotions.

As a new trader, you take positions based on your emotions and what you think, not based on what your trading system tells you. Then, when you lose, you ask yourself why you did that, because only after losing you wake up and look at the chart properly, and you see that you have entered the market while there was no trade setup at all. So, you will find out that you took the positions based on something other than your trading system.

That is the beginning of your awareness and enlightenment about your emotions. You think about your actions, and you will become able to differentiate those actions that are based on the emotions, from those that are based on your trading system. After this stage, you will become able not to act based on the decisions you make through your emotions. I mean you become able to know your emotions, and you don’t let them make you decide and act.

You will not get to this level as long as you don’t know your emotions yet. And as it is mentioned above, this is only possible when your emotions make you lose for a while.

I explained this to tell you something important now:

If you are supposed to become able to know and control your emotions only when they make you lose for a while, then the very first losses and failures should not be known as “losses” and “failures”. They should be known as part of the learning curve that you have to pass. If you look at them like this, then you will not feel sad and disappointed when you lose or fail.

This is how successful people think.

One day, Edison tested one of his inventions for 1100 times and it did not work. He said, “I did not fail 1100 times. I found 1100 ways that don’t work.”

What is the difference of these two: 1100 failures and 1100 ways?

This is the difference of successful and mediocre people. Successful people think that it is the failures that guide them to success. Mediocre people think that success has to be reached without any problems and failures, through a way which is completely different from the other ways. That is why they give up when they fail for a couple of times.

They think either the way they are following is completely wrong, or they are not able to follow the way that ends to success. So they choose to give up on what they have been doing, and they look for something else. But they don’t know it is the same with any other thing they do. The way that ends to success, goes through failures:

You are going to fail and lose at the beginning, because there are a few things that you don’t know, and you have to learn them through your failures. Don’t get mad at yourself, or don’t get disappointed when you fail and lose. This is part of the game. Just sit and analyze yourself and your actions, and find the problem. In most cases, it is the emotions that make you lose. If you analyze your mistakes, you will see the trace of your emotions. This helps you know what your emotions are, and how they interfere with your business. When you become able to know them, then it will be easy to control them.

Try to become too disciplined from the beginning of the work, not to waste a lot of time on the learning curve. How can you do that?

You have to learn the basics first, and then learn a good, simple, strong and effective trading system. Then you practice on a demo account to master your trading system, and get to know your emotions, so that you don’t lose your hard earned money to pass the stages that can be passed for free.

That makes sense. Do you agree?

Here, we have done our best to show you the way that is risk free, short and easy to follow, yet effective and efficient.

Following a proper, well-developed and strong business plan is what you need to succeed both in short and in long-term: Following a Proven Business Plan Is the Success Key

Published by

LuckScout Team

"Whether you think you can, or you think you cannot, you are right." - Henry Ford

20 comments:

  1. Hi,

    Your articles are very inspiring, thank you very much for opening my eyes finally.
    Are you self thought in trading, or did you come across someone like you when you began trading?

    br

    Dragan

    1. Hi Dragan. Thank you too.

      I was lucky enough to have several professional traders around who taught me everything I had to know about trading. Of course, I was a good and disciplined student too.

  2. Hi

    You have been educating all of us and we have been learning day by day. Thank you for what you have been doing all these days.

    Its very well understood that there is no holy grail and risk management is the best way. Supplementing practise with wonderful articles described here, I ‘m sure that one can be a successful trader.

    I have spent few hundreds of dollars attending seminars to learn trading and couldnt be successful. I also busted almost two accounts (each $1000) and was thinking about giving up.

    After that I came accross your website and read through the articles time and again and started my trading and with good risk management and using BB system along with candlesticks and made a 15% profit using a micro account by the end of september. This was the first month in my trading experience, where i have become profitable.

    I used strict stop loss and entered better trade setups and most of all, I had a reason to enter the trade and not jumped in just based on the movement. Though money earned was not too high, i am happier (and have a calm mind while being in a trade) and confident that the money could be earned by through simple trading strategies and using proper discipline.

    Thank you for being here for us to educate and also to share your experiences.

    1. Hi Raj,

      I am glad to hear that. Thank you too.

      Don’t be sad if the profit you have made is not considerable. This small profit is the introduction of the bigger profits and a continuous success which is waiting for you. Once you manage to trade the strong trade setups only, then sky will be the limit of the profit you will make.

      Now that you have started trading after you wanted to give up, I suggest you set your mind like what I am going to tell you below. I helps you advance steadily:

      You have started following the business that you had almost given up on it. So still think that it is a dead business for you, and you have no hope on the money that it will make, and the only thing you want to do is waiting for the TOO strong setups to enter enter. How much money it will make has a zero importance.

      Set your mind like this, and you will get better results. Don’t plan for the money that is going to make for you. This will eliminate a lot of emotions which is what you need to reach the destination.

  3. Have nothing to say other than it’s only God that will buntifully reward you for all your precious time you have put in doing/writting all this free of charge. I nearly went for Nial Fuller’s package before I came accross this website few weeks back. Thanks so much and I promise not to dissapoint you and myself. Meet you at the top my great tutor

  4. This is another invaluable article, thank you very much for all your efforts! It impressed me so much. It puts the initial failures into a different view. Kind of knowing how not to do 🙂

  5. Thanks so much for spending your time educating folks like us FREE. Amazing, I mistakenly thought u are going to sell us some courses…been reading your blog almost every day!

  6. I been trading since 2010 and lost a lot, for me I won first than took it all away on the SILVER high up to $50 and USD/CHF pull down to hell 0.7000 but I am still trading. lost made me wait for a while, like scared of shark. Now I know my emotions. For me this is the ONLY WAY OUT AND I SEE THE LIGHT.
    Your information is very good. Thank You.

  7. Thank You 🙂
    I have a few ups and downs learning, very often frustrated and impatient as well. But i have never given up. I couldn’t quite follow 100% your advice as i believed i got to do it faster way. I tried and tried…and i wiped out my account couple of times. Then i focused myself again, but still didn’t follow 100% and had slippages. I managed to constantly grow my account and working with myself, with my emotions. I still was close to be broke, but i recovered as i got a little bit more experience now than at the very beginning. That taught me a big lesson and showed me, how draining it can be, when you play too much due to lack of discipline and patience. I only recently realized, that something changed for better and i can wait for strong setups, not jump into anything which looks promising, but its probably not, and just be more relaxed while trading basically. Its a great for to be where i am now. Thanks to You and myself 🙂 Very grateful. Thank You!

  8. Having had so so many failures trying to understand trading , l still do wonder how l am going to get their.
    But continuously you come up with the articles and inspiration that keeps pushing us forward , to patiently learn this craft.

  9. Hello,

    I have read this article at least 5 times in the last year, and each time it was getting better and better. You really have a gift.

    Thank you

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