How to stop repeating same mistakes again and again?

#31
  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

Active Member
#32
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.
 
#33
  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.
 
#37
When you feel that your mistake are been repeated make a note of it and try to find out solution of those mistake by yourself, not to copy other or refer other. When you do your own solution you tend to remember it more.
 

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