There are many lessons that need to be learnt to become a successful trader along with all skills but when it comes to lessons I believe as a discretionary trader you have to learn the exception to every rule and when it comes to trading it has many exceptions. Pretty much every rule I can think of will have an exception and this is why we must learn them and this can only come through time and experience. This is not really something that can be taught and from my experience, even if you are taught it you must live it for yourself to validate it and make it your own experience.
This is why analysis of every trade is CRUCIAL. What did you learn from that trade winner or loser. Winning trades have common elements as do losing so what are they? If you take a trade and lose find out why so it doesnt happen again. If you cant find a reason then look harder and dont only look at the charts remember trading is a psychological game so maybe check whats going on between your ears ;)
Then once you learn these document them and start creating your rules or your rules of exceptions. Unless you have a photographic memory I highly suggest keeping a pen and paper by your side and when you learn something new document it. I really wish I had done this from the 1st day I started trading. I can only imagine how many books would be filled by now..haha! Then of course make sure you review and implement these exceptions.
The main point is make mistakes or as I have heard people say "fail faster" as there is nothing wrong with making mistakes or failing if we learn something from it so we dont do it again. Think about it for a second if you are making mistakes and these are costing you money what should happen when you stop making the mistakes? This is also why in the early days practising on a demo or small account is probably a safe bet rather than blowing your account before you have the chance to even learn the rules of the game.
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