How to stop repeating same mistakes again and again?

[Mnelen]

In order not to make the same mistakes, you need to carefully study them.

 

[Sunny_208]

Making a record of your mistakes can help. Keep analysing those and you would be able to avoid the same mistakes in future.

 

[rudy]

In order not to make the same mistakes, you need to carefully study them.

You are right. We must analyse our mistakes and take steps to avoid them in future.

 

[Tejas Khoday]

1. Write down the mistakes that you want to avoid / Goals on a sticky note and paste it on your wall or on the edge of your computer screen. That'll help. We used to do this in Futures First.
   
   
2. Observe your psychology when you make those mistakes. For instance, if you are not able to stop trading on the days when you have made good profits, pay attention to how you feel and what drives you to trade more by risking your profits. Understanding your own psyche will help you fix the problem with fewer efforts. If you get overexcited & greedy at the same time, it could spell disaster.
   
   
3. People get too engrossed when trading and mistakes that are deeply ingrained in us tend to work on autopilot. It is important to record your performance on a public forum or to someone else to bring out a sense of responsibility to help remain on track. This will help you stress on fixing mistakes because you have to report EOD and it would not be cool if you made the same mistake that jeopardizes your performance over and over again. You will be judged so you work a bit harder on fixing mistakes.
   
   
4. Create Limits --> Daily Stop Loss, Weekly Stop Loss, Daily Profit, Weekly Profit, Withdrawal limit per week, number of trades per day or the number of open positions at any given time. If you operate within certain pre-defined limits, you will be in control and can walk away when things are not working in your favor and come back with a fresh mind later.
   
   
5. Maintain a trading journal/Dairy.

My $0.02!

 

[landorra]

Record ALL your trade. All of them, wins and loses. Then focus on the loses. What do they have in common? Take your time and that will show you the answer.

 

[mevaibhav]

1. Write down the mistakes that you want to avoid / Goals on a sticky note and paste it on your wall or on the edge of your computer screen. That'll help. We used to do this in Futures First.
   
   
2. Observe your psychology when you make those mistakes. For instance, if you are not able to stop trading on the days when you have made good profits, pay attention to how you feel and what drives you to trade more by risking your profits. Understanding your own psyche will help you fix the problem with fewer efforts. If you get overexcited & greedy at the same time, it could spell disaster.
   
   
3. People get too engrossed when trading and mistakes that are deeply ingrained in us tend to work on autopilot. It is important to record your performance on a public forum or to someone else to bring out a sense of responsibility to help remain on track. This will help you stress on fixing mistakes because you have to report EOD and it would not be cool if you made the same mistake that jeopardizes your performance over and over again. You will be judged so you work a bit harder on fixing mistakes.
   
   
4. Create Limits --> Daily Stop Loss, Weekly Stop Loss, Daily Profit, Weekly Profit, Withdrawal limit per week, number of trades per day or the number of open positions at any given time. If you operate within certain pre-defined limits, you will be in control and can walk away when things are not working in your favor and come back with a fresh mind later.
   
   
5. Maintain a trading journal/Dairy.

My $0.02!

Absolutely agree with points 1 ,4 and 5 . Something to stick to strictly. Like in normal life, we think, forget and move on, doesnt work in Trading. We need to remember and move on.

 

[stoch]

Why I need to read my trading logs? It really doesn't make sense because separate trades don't allow to make conclusion about your mistakes. I would rather rely on statistical methods or financial criteria like Sharpe ratio or data science tools to get mathematical interpretation of our trading activity.

 

[prabh21]

1. Write down the mistakes that you want to avoid / Goals on a sticky note and paste it on your wall or on the edge of your computer screen. That'll help. We used to do this in Futures First.
   
   
2. Observe your psychology when you make those mistakes. For instance, if you are not able to stop trading on the days when you have made good profits, pay attention to how you feel and what drives you to trade more by risking your profits. Understanding your own psyche will help you fix the problem with fewer efforts. If you get overexcited & greedy at the same time, it could spell disaster.
   
   
3. People get too engrossed when trading and mistakes that are deeply ingrained in us tend to work on autopilot. It is important to record your performance on a public forum or to someone else to bring out a sense of responsibility to help remain on track. This will help you stress on fixing mistakes because you have to report EOD and it would not be cool if you made the same mistake that jeopardizes your performance over and over again. You will be judged so you work a bit harder on fixing mistakes.
   
   
4. Create Limits --> Daily Stop Loss, Weekly Stop Loss, Daily Profit, Weekly Profit, Withdrawal limit per week, number of trades per day or the number of open positions at any given time. If you operate within certain pre-defined limits, you will be in control and can walk away when things are not working in your favor and come back with a fresh mind later.
   
   
5. Maintain a trading journal/Dairy.

My $0.02!

Thanks for that explanation Sir. Thats really a great way to avoid recurring mistakes.

 

[TauCeti]

I think the OP has got lots of answers and a little fun along the way won't do any harm, so if you want to avoid making the same mistakes again and again, then make new ones!

 

[Manoj Pandya]

I think the OP has got lots of answers and a little fun along the way won't do any harm, so if you want to avoid making the same mistakes again and again, then make new ones!

Haha well said!