Stocks & Commodities V. 34:01 (38–39, 41): Failing Successfully by Stella Osoba, CMT

Failing Successfully by Stella Osoba, CMT

We’re groomed to think of losses as a sign of failure, which is why trading is difficult. But experiencing losses is part of a trader’s life and is something you have to accept. Here’s how to approach the idea in a healthy way.

"To others, being wrong is a source of shame; to me, recognizing my mistakes is a source of pride. Once we realize that imperfect understanding is the human condition, there is no shame in being wrong, only in failing to correct our mistakes."—George Soros

We live in a society where the cult of success is worshipped. But what is often hidden are the failures that go into creating that success. Failure is often not understood and cultivated as a process that is integral to the creation of exceptional results. Many of those who come to trading have succeeded in their day jobs, and they expect success to come to them in trading in much the same way it came in their other endeavors. But often this is not the case, for nowhere is it more essential to develop a strategy for building mental strength than it is in trading...