How to stop repeating same mistakes again and again?

Tejas Khoday

Co-Founder & CEO, FYERS
#26
  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!
 
#29
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.
 

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