We’ve all had bad trades. Whether you’re a fundamentalist, a tech analysts, or somewhere in between, we’ve all had it. Today, I’m going to write something that is probably applicable, not just in trading, but with everything in life.
“One has to have the proper mindset.”
Everybody has heard of it. We have told you about it. It is probably one of the most overused advice but one of the most overlooked as well. With that said, let me also tell you that “Everything that happens from your action is nobody’s fault but your own“.
Let me put this in perspective.
Scenario No. 1
You are browsing Facebook, and you came across Troll #1’s posts discreetly implying that stock X is a good buy. You read the whole post and quickly decided that it is a good buy. Or if you are a technician, you checked the chart and you bought it. On the next day, things went south and you’re all red and angry.
There are several things here that might have contributed to your reddish port. First is that Troll #1 might be looking at the equity on a longer time frame, while you on the other hand wants the quick buck in a few days. At this rate, he can tolerate the dips much better than your mindset. And with your losing trade, nobody has to get the blame except you. You can’t blame Troll # 1 because every action we take in the stock market is nobody’s decision but our own.
I’m playing as Lee Sin, jungling all over the map. Unfortunately, Soraka is not healing the team really well and ends up harassing the other team. Or maybe another player is not stunning the other team’s carry in the correct opportunity. The team ends up struggling, and eventually losing the game.
In this scenario, blaming the rest of the team for the poor performance will not bring any kind of positive impact to the team. I can’t blame the healer for not healing the carry, and I can’t blame the other player for not stunning when it is needed.
So now what do we do to correct this?
In order to resolve these kind of conflicts, one has to identify, accept one’s shortcomings, and do something about it. If I accept that I made the wrong decision of following Troll #1, maybe next time I should study the trade even more before I click that buy button. I can also stop following the recommendations of Troll #1, or better yet, aspire to be technician myself. Go the extra mile necessary to improve the situation! Or if I accept that the healer is not playing as an effective healer, maybe I can go for a tankier build should I get to play with that player again.
What is my point?
Blaming someone else for your demise is never a good thing to do. I, for one, will not result to blaming my subordinates for a project gone dud.
Being able to identify others’ and your own shortcomings, accepting it, and acting on it is the best thing that you can do. Yes, everything that happens from your actions is your own fault. But accepting that failure and using it as a positive foundation is another story.