How to Overcome and Handle Your Mistakes in Trading?

[spike420211]

In fact, there is not much that can be done with mistakes, but it must be done.
The first thing you should do is get out of negative thinking after realizing the mistake.

Next, you must make every effort to restore the damage caused by the mistake. If this is not possible, you must identify why the error occurred so that it would not be repeated in the future.
The last point will be to forget and move on.

[1714141997]

1714141997

[1714141997]

1714141997

[Oasisman]

Additional(EDIT): Those who have experience on how you become successful in trading after some mistakes ,kindly tell your story here so that those who can read will be encourage and learn from different experience and could gain knowledge that they can be use also or apply on their life as a trader.Thankyou

I don't know what's your definition with a successful trader, but IMO most of us in this board are all sharing tips, advices and deeper understanding about trading. So, most probably everyone of us here are still learning how to become successful in this field.
I'm afraid the most successful ones doesn't have enough time to bother trying to educate everyone. Like I always say, If you have excellent market analysis and extraordinary skills in trading, then it's better to monetize it  rather than sharing it for free. If you noticed there are a lot offers in trading course.

[Ronaldcoin2017]

Being positive is really the best way to handle mistakes in trading, i believe that lossing is always a part of a traders life, because even the people who has a lot of experiences on trading may still also loss on it, maybe we should always think in a positive way and continue to trade,be more smart and read some books that can improve your self to become a great trader in the near future.

[ethereumhunter]

Being positive is really the best way to handle mistakes in trading, i believe that lossing is always a part of a traders life, because even the people who has a lot of experiences on trading may still also loss on it, maybe we should always think in a positive way and continue to trade,be more smart and read some books that can improve your self to become a great trader in the near future.

Being positive but not followed by learning from the mistakes will not make us grow because we will not know what the mistakes are and how to fix the mistakes. We will not have more experience from the mistakes, and we will not have a chance to improve our skills. Have a positive mind to accept the loss, and we spend the time learning will be the best way to improve our skills so that we will not make the same mistakes in the future.

[Freddy11]

The simplest formula is to do a lot of research, as one of the biggest mistake is wrong broker and that is where we need to be very careful about. If our broker is not good enough then we will never be able to go anywhere at all, so go to be very careful with it.

[Gozie51]

It's useless when your desire is strong but you don't have the skills in trading then it will only be a loss for you,

This is correct and if you only have desire and no technical knowledge to put it into practice, it becomes a wish. Wishes don't have any effect in human if they are not put into work. So it is important that as we have the desire we should also have adequate knowledge on how to bring our desire into happening.

[SARA ISLAM]

First, you have to learn to trade then you have to create a strategy. Then the strategy should be tested in the live market and if any necessary occur the trader should discuss with the good traders, And you have to trade according to the strategy while keeping the money management right. No trading should be done outside the strategy. This rule must be followed properly. If you follow this rule, if you follow this rule correctly, the mistakes of trading can be caught and corrected.

[bitbunnny]

The best way to overcome mistakes in trading is to learn from them and not to repeat them again. Mistakes will happen as well as losses, that is inevitable so you have to be prepared. That means that you have to have back up plan and enough funds to cover losses without deeper damage. The worst thing you can do is think that you will not experience loss and not make mistakes.

[daneal stev]

We all suffered errors and losses when we were beginners, but this matter did not prompt us to surrender and that everything I mentioned is correct and I see that focusing on mistakes is very important as we must all focus on our mistakes so that we can gain the last ones and we also need to learn the field of trading well before Enter it

[wozzek23]

Using your mistakes as a stepping stone, it is really important that people gets to know about that. It is not good that you see mistakes as a game over. There are people who wouldn’t choose to learn from their mistakes, rather they will just call it a quit and see their failure as a sign that they are meant to quit. There are people who failed many times, but they didn’t quit because what they are pursuing is something they would love to spend all their time doing.

So, instead of quitting after they have failed, they just use the failure as a stepping stones and keep trying to different strategies until they have gotten it right. So this point is one important point that people needs to pick from here.

[RealMalatesta]

Unfortunately some people do not learn from their mistakes and over time try to blame it on the markets or something to cause more harm for themselves. For some reason when some people lose they blame manipulators, they blame media to play with the price, they blame exchanges, they blame everything but themselves.

This is why they will never learn anything from the mistakes, even if they end up continue trading they are basically just saying that next time they do the exact same thing that caused them to lose money will actually work and make them profits, of course it doesn't and that means they do end up losing a ton of money once again. This is basically all because of people are too narrow minded to think they themselves could ever be the mistaken part in this.

[Quidat]

Using your mistakes as a stepping stone, it is really important that people gets to know about that. It is not good that you see mistakes as a game over. There are people who wouldn’t choose to learn from their mistakes, rather they will just call it a quit and see their failure as a sign that they are meant to quit. There are people who failed many times, but they didn’t quit because what they are pursuing is something they would love to spend all their time doing.

So, instead of quitting after they have failed, they just use the failure as a stepping stones and keep trying to different strategies until they have gotten it right. So this point is one important point that people needs to pick from here.

Easy to say but would really be hard to be done along the way since not all people would really have that kind of strong will when it comes on handling up things.This is why they do really make out decisions on quitting directly once they do saw that this thing doesnt work for them.Yeah, its really a wrong mindset specially when we do commit several mistakes unless if you've been trading for years and still profitable then thats the time you can say or a considerable time for you to quit because there are really things which are really meant for us to get involved or doesnt work no matter how hard we do try but first we shouldnt easily quit
and as said making these mistakes as a ladder or stepping stones of learning to your success.

[Shasha80]

When I first started trading I made a lot of mistakes, and because of these mistakes I also suffered a big loss. From this incident I began
to think about overcoming and dealing with the mistakes I made while trading. There are several steps I did to overcome the mistakes I made,
including learning more about trading, controlling emotions when trading, use the stop-loss feature and most importantly learn to be patient.
With the steps I did that slowly my trading results began to improve. Because I can correct the mistakes I made.

[okala]

A well right up and mistake should be something we should not reject but trying to live with as a trader. The only way nature teach us on some trading secret and strategy is through what we learn after making a mistake.

[BLTC]

This is so true, There are many newbies out there that tends to start even without a solid foundation on what trading really is. So, Learn these things because it will help you greatly and lessen your risks on every trade.

[South Park]

It depends, the first question is did you actually made a mistake? I ask this because many see losing a trade as a mistake but I disagree, no one can win every single trade, if you took the time to watch the market and analyze it and your strategy told you to get in the market and you lost, that is not a mistake, that is just paying the price of trading the markets, however if you made a trade against what your strategy was telling you or invested more money than necessary even if you won that trade that was a mistake and you need to find a way to correct it before it is too late.

[TheGreatPython]

It depends, the first question is did you actually made a mistake? I ask this because many see losing a trade as a mistake but I disagree, no one can win every single trade, if you took the time to watch the market and analyze it and your strategy told you to get in the market and you lost, that is not a mistake, that is just paying the price of trading the markets

That must be a right point; no trader could win on every trade they do make and all the failures while trading should not be considered as mistake but may be accounted as lack of knowledge on technical analysis. I mean when your sound in technical analysis then the chances for making mistakes in trading will be very less. Only the traders who are not experienced in making good signal out of their technical analysis must be facing frequent losses and may consider them as mistakes.

if you made a trade against what your strategy was telling you or invested more money than necessary even if you won that trade that was a mistake and you need to find a way to correct it before it is too late.

If you're following a strategy then you should follow it all the times so that you could find chances to sustain with your trading. Like you have mentioned, most traders never consider all the profitable trade which were NOT made through their strategy just because of it was profitable. But, this kind of practice will lead to big tragedy when we are expecting and making random trades.

Here by random trades, I am referring all the traits which are not covered by the strategy we are following.

[davinchi]

People are not afraid of losing and that is the scariest thing to me. You should be afraid of losing, you should not get into a trading with "I am going to make so much money!!" type of mindset, you should go into it with "what if I end up losing a lot of money?" mindset. That would allow you to be protected against horrible loss and you would always be careful.

People who get into trades with making a profit guaranteed in their minds will end up losing money most of the time because they don't know what they are doing, however people who are scared of losing money will make a lot more profit because they do not get into all trades, they are afraid of them, they only get into a trade only when they feel comfortable and certain about it. Which is why I believe people who are afraid will make more money.

[Lanatsa]

People are not afraid of losing and that is the scariest thing to me. You should be afraid of losing, you should not get into a trading with "I am going to make so much money!!" type of mindset, you should go into it with "what if I end up losing a lot of money?" mindset. That would allow you to be protected against horrible loss and you would always be careful.

People who get into trades with making a profit guaranteed in their minds will end up losing money most of the time because they don't know what they are doing, however people who are scared of losing money will make a lot more profit because they do not get into all trades, they are afraid of them, they only get into a trade only when they feel comfortable and certain about it. Which is why I believe people who are afraid will make more money.

True but there would be just sufficient level of being afraid because too much wont really give out good outcomes too where it can result that you would miss up good opportunities just because you are
afraid to risk on thinking of that you would lose your money.

But this is way more better rather than having that winning mindset most of the time.Mistakes are unavoidable the thing here is that you do need to learn from it and adding it up to your experience
so that in next time you do make trades you are gradually increasing up your awareness and knowledge.

Polishing up skills and knowledge would take a matter of time.

[whyrqa]

It depends, the first question is did you actually made a mistake? I ask this because many see losing a trade as a mistake but I disagree, no one can win every single trade, if you took the time to watch the market and analyze it and your strategy told you to get in the market and you lost, that is not a mistake, that is just paying the price of trading the markets

That must be a right point; no trader could win on every trade they do make and all the failures while trading should not be considered as mistake but may be accounted as lack of knowledge on technical analysis. I mean when your sound in technical analysis then the chances for making mistakes in trading will be very less. Only the traders who are not experienced in making good signal out of their technical analysis must be facing frequent losses and may consider them as mistakes.

Indisputably frequent losses and failures are the consequences of either limited knowledge or little experience in cryptocurrency trading. But it seems to me that it is not always possible to make such an accurate technical analysis as to constantly have 100% accuracy of the forecast in relation to a particular coin. Even the most professional analysts can make a forecast with an accuracy of no more than 75%. Therefore, it seems to me that it is impossible to always be in the black.