Monday, October 20, 2014

Failure: Two Key Lessons

Over the period of time, failure in trading has been one of the greatest teachers to me. Of course, we have to pay a price for those learnings, but if we can avoid repeating our mistakes, the price we pay is almost irrelevant. I have learnt two key lessons from Failure:

1. Failure is not predictive.
Even great traders have encountered failure - even repeated failures - early in their careers. Failure at the beginning of a career is very much normal, even for those who become the greatest of the traders. The fact that most people who attempt trading fail at the beginning suggests that all novice traders should start with smaller capital because they might as well pay less for their market education.

2. Persistence is the key to success.
Most of the worlds all time great traders would have given up trading as their career in the early days for the way they started their trading careers, if they had not kept going on and on with their relentless persistence. It is that persistence, along with discipline, doing regular homework, and a goal of consistent moderate profitability, rather than trying to get rich quickly, which will eventually win over all failures.

P.S.
Wishing all our readers heartiest wishes on this Diwali, on behalf of Sudarshan Sir, and our entire team! Would love to have your feedback & wishes on kirtan1308@gmail.com :)

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