Become a Successful Trader

June 11, 2014

How I Overcame the Fear of Failure

I’m somewhat of a perfectionist.

If you’re anything like me you know how hard it can be to do leave something unfinished, or release something half ass.

If you’re not a perfectionist, you’ve probably found yourself jumping from trading strategy to strategy without any real rhyme or reason, other than you aren’t seeing immediate results.

If you’ve ever been frustrated or felt unsettled in your trading and really want to become successful here are some things that can help.

Why we fear failure

Failure is inherently a scary thing. As humans, we’ve been trained to fear failure and fear the idea of failure. Failure however, is not an end in and of itself.

[quote]Failure is only temporary[/quote]

Failure is scary, but it is also only temporary. You may not be able to control the circumstances around you, but you ARE in control of how you react to those circumstances.

Don’t be intimidated by failure. Don’t accept failure as the end. If you think of a sliding scale with success on one end failure on the other, you’re doing it wrong.

Instead of thinking about failure and success in terms of winning and losing, think of it in terms of learning and growing.

The more you gravitate towards the failure side, whether it be in the form of a mistake, missed opportunity, or road block, consider it an opportunity to learn and grow, and be ready to embrace it.

Add challenging experiences to your bank of knowledge. Think about how you got to that point of seeming “failure,” what you could have done differently, and then focus all your energy on what you’re going to do next.

[quote]As long as you’re focusing you energy on the next most important thing to do you’re moving forward.[/quote]

In order to become successful you need to become accepting that there will be struggles along the way. Failure in and of itself is not the end, just a small detour that, if you don’t let it stop your journey, can send you to new routes and discover fun things to explore you never thought about before.

What to do next…

My talk from the New York Trader’s Expo 10 Steps to Developing a Winning Trader’s Mindset.

EconTalk Podcast: McArdle on Failure [Listen Now]

Get My Top 5 Trading Tools

Join over 10.000 visitors who are receiving a short weekly trading newsletter and learn how to trade for a living. Plus get my top 5 trading tools and 3 free chapters of my Trading Rules eBook.
We hate spam. Your email address will not be sold or shared with anyone.
How To ,
About Tim Racette
Tim Racette is a day trader of 15+ years in the E-mini futures and swing trader of stocks. Mountain biker, lover of the outdoors, and explorer. Tim is an ASU Sun Devil and a Chicagoland Native now living in sunny Scottsdale, AZ.

Leave a Reply