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Confronted with a drawdown, a trader who fears failure will often stop trading or change methods or systems only to junk the new methods or systems at the next drawdown.
The winning trader will not inflexibly keep doing what doesn't work. His open mindedness allows him to recognize the difference between market conditions and methodologies that do or don't have a probability of success. A trader with a sense of abundance and a verified method for trading won't crumble under temporary loss because he'll know he's simply passing through a difficult time that will end. He distinguishes between loss and inept or error prone trading.
The flexible trader with the willingness to admit mistakes will learn from the failure, honor that failure as feedback; make corrections, and proceed with the improvements. The winning trader, just as the winning athlete, is in a constant and never ending process of development and growth.
Look at the history of your trading and write down several major failures. As you study each failure, look for similarities and differences between them. Look for the lessons. Identify and define the problems. Look for valid solutions.
As you trade each day, do the same thing with individual mistakes. Write them down as they occur along with the lesson learned. Look for repetitions. Commit to your own development and growth as you learn through experience. Remember, if you can't make a mistake, you can't make anything, including money.
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