Sometimes we need to look at the results of a defeat in order to continue. Not to dwell on it, but to see what it is actually telling us. The loss is information, and information is what lets you take the next step.

Yet in the beginning we desire the wins above all else. That’s natural. A win feels like proof that we’re on the right path, and a loss feels like proof that we’re not.

A win has its merits. A loss has its equal, and often more powerful, opportunity for growth, learning, and acceptance. All of which makes winning more frequently and more consistently more likely.

Santiago goes 84 days without catching a fish, and he still rows out. Defeat is an event. It happens to you. Being defeated is a decision you make afterward. A string of losing trades can destroy a day, even a month, but it can’t defeat you unless you let it.

Nobody trades for long without getting broken a little. The account takes a hit, and so does the confidence. What matters is what grows back. The traders who last are the ones who came back stronger where they were hurt.

The title comes from The Old Man and the Sea. Santiago, the old fisherman, has gone 84 days without a fish, and he still heads out each morning believing that every day is a new day. That’s the attitude a trader needs. Yesterday’s loss doesn’t get a vote on today’s trades.

What can you learn from a flat tire on the freeway in the noonday sun? Sure, it sucks. But you will learn how to focus. You will learn how to fix a tire, or how to call someone to handle it for you. Either way, you will learn, and you will be better and stronger for it.

There is a big difference between someone who inherits money and someone who earns it by building something. You can’t inherit strength of character. You can only develop it and earn it. As day traders, we earn it every day, every brand new day.

All of this leads us to one of the greatest attributes of day trading. You will fail, and you will be better. You will fail, and you will have greater humility and patience for your fellow human beings. You will fail, and you will have a deeper understanding of the flow of the universe. You will fail, and you will be marvelous.

As Charles Bukowski wrote in “The Laughing Heart,” the gods wait to delight in you.

Trade safe,
Jay Cradeur
Founder, Day Trader Dojo

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