CONCLUSION
It’s difficult not to dwell on these weak moments when mistakes were made. Whether it’s a broken rod or a broken trade, if we learn from our mistakes, we improve by refusing to repeat the same errors over and over. This progress, I believe, buffers the agony and diffuses the discouragement with trading that can cause serious damage, both financial and psychological.
A broken Orvis fly rod makes for a good fishing story, but a picture of a 30-inch brown trout on the wall makes for a memory that lasts a lifetime. I have memorized and rehearsed—over and over—what I need to do to effectively change the outcome if I am given that opportunity again. Likewise, periodically reviewing the agony of our trading defeats, as well as the thrill of our victories, will help us adjust and refine our trading behavior. Trade by trade, we begin to instinctively apply this newly acquired skill while executing our trade plans.
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