From John Maxwell’s “Sometimes you win, sometimes you lose LEARN”
The title of this book invites us to change our mindset. The saying, “Sometimes you win, sometimes you lose” implies that winning is the only way we benefit from competition, conflict or adversity. Losing conjures up feelings of failure, inadequacy and pain. But, as Ben Franklin said, “Those things that hurt, instruct.”
As I began trading at Fx365i, I was encouraged by the institute to view each day – regardless of how many pips I gained or lost – as good day. “Every day we gain either pips or experience” was the mantra. The idea was simple: I could leave my trading session feeling good about being right in my trades – or feeling good that I learned something when I had been wrong about my trades. However, when compared to the mindset I had when I entered into my Forex education, adopting a new “I feel good either way” mindset was much easier said than done.
Fellow student Brian (aka “Cutty”) made a statement that helped me to change my mindset. He said, “Whenever the market acts differently than I expect it to, and therefore I lose pips, I say to myself, ‘Interesting’.” Rather than cursing the market makers or getting down on himself for his mistake he has disciplined his mind to look for an opportunity to learn and grow as a trader.
Consider the difference that a positive mindset can make. Example A: “That’s interesting that the market was in convergence and the pressures were all in criteria. I took a trade up against trend break and it still went against me. Maybe I can’t count on being right 100% of the time, but 70% of the time will still free me financially.” Conclusion: I have to be OK with taking small losses. Contrast that outlook with Example B: “The market was in convergence and the pressures were all in criteria. I took a trade up against trend break and it still went against me… I can’t trust these dumb indicators… The market makers are thieves… This stuff doesn’t work!!!!” Conclusion: I should just give up now and cut my losses.
Changing my mindset allows me to tolerate and alleviate the pain associated with being a student of the Forex market. This skill is transferable. I am a better coach for acquiring this skill. Losing is part of the profession, but I tolerate the pain of losing much better now (as opposed to sulking) because my mind immediately asks the question, “What can I learn from this?”
“The highest reward for our toil is not what we get for it but what we become by it. … Mistakes are not failures. They are proof that we are making an effort. When we understand that, we can more easily move out of our comfort zone, try something new, and improve. … Improvement demands a commitment to grow long after the mood in which it was made has passed.” —John Maxwell