Why Is So Hard To Learn From Other People's Mistakes?

Why Is So Hard To Learn From Other People's Mistakes

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A great ability that a man can have in order to be successful in the stock market or any other endeavor that you might want to get involved with is to learn from other people's mistakes. Do not take this lightly. Despite the fact that this sound really easy to do, in the real world is not like that. Maybe you have experienced that yourself firsthand.

We read and read, we are led to believe by our own brain that we have understood what we must and we must not do in order to profit from the market. But then, there comes the trade. It is not as perfect as your setup required it to be or as good as you want it to be, but nonetheless, you still go for it. You lie to yourself that this one is a good one. You lie that with this trade, you will certainly walk out of it with a profit in your hands.

Then what happens? You probably know the answer. The trade goes sour and you are left off way worse than you might have expected. After the dust settles down, you look back and try to find out what went wrong and to your surprise, it wasn't just something small and hard to notice fact that busted your trade. The trade was wrong since the beginning. The trade was wrong all along and you still took it.

This is a common felling for traders. It is a hard ability to master and there are already psychologists and other professionals that specialize in traders' psychology. I'm not saying that you should go out there and spend loads of money on a psychologist. I'm just trying to alert you that even if you believe that you understand something and are prepared for it when it happens, it does not mean that you will act accordingly.

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