"forget about being right, don't worry about being wrong"......

"forget about being right, don't worry about being wrong"... sounds so easy, huh?

So, how does one do that?

Here is a little strategy for everyone: When we have made a decision that didn't give us the outcome that we wanted to achieve, it often ends up in emotional upset or even hurt.

Now imagine a fly. When a fly comes and sits on your arm, often you don't realise it straight away and then you might get annoyed and hush it away.
However, if you have a wound on your arm and the fly comes to sit on your wound, then you react differently, right?

So, the permanent solution is not really to change the fly, because the fly does whatever the fly does, the trick is to heal the wound and the fly will not hurt anymore.

So, if we don't want to take a loss or take the profits too early, this often comes from a wound that needs to be healed.

What does it mean to you having to take a loss? Having to tell your wife who is waiting for you with hope in her eyes get out of your trading room? (or your husband or partner to stay politically correct).

Do you take a loss well knowing you can make it up any time? That you know that you know that you will have what it takes (skillset, experience, mental strenght) to build your trading bank back up just as you know that if you stumble and fall over you know how to get back on your feet?

Or do you take a loss seeing a bleak future, not knowing if and how you will ever achieve your dream of being a successful trader and taking your family through life in style, peace, harmony, love and abundance?

Now, that goes back to self-confidence doesn't it?

So, when do you know that you are self-confident? Think of something that you know to do really well. Like I am a great skier, you can give me any mountain, I know how to get down, if it is a black slope, I can do it and even look good, if it is extreme, I wouldn't look that hot, but I would know that I can make it back down.

In my experience we only stop worrying about being right and losing trades, when we feel we have achieved a certain level of expertise and track record. When we know that we can get up, dust ourselves off and repeat a successful behaviour again and again and again.

So, the trick is to keep practicing your trading skills, every time you have a losing trade, think of it as an investment into your education and therefore get the learning, what did you miss, do you need to finetune your trading system? Did you get too excited and pre-empt the market? Do you have to work on mastering your trading system or where you overwhelmed by emotion and therefore need to work on mastering yourself?

For example, I am a great fan of yoga to practice my mental strenght and have great success with it.

So, in a nutshell, find out what you need to work on and then find out how to do that, makes sense?