I just finished watching a documentary on Netflix called ‘The Creative Brain’.
It’s a documentary about human creativity, where neuroscientist and best-selling author David Eagleman investigates the creative process by talking with accomplished professionals from different fields.
But during the documentary, he also makes some interesting points about failure. I wanted to share with you because they apply nicely to trading too.
These days, there is so much fear of failure.
In fact, the fear of failure can often be so powerful that it forces people NOT to act, just so they can avoid the potential of failure.
For traders, it can stop them from executing a trade. It can stop them from trading a strategy live. It can stop them from trying new ideas, increasing their position size, and impact many other aspects of trading.
The documentary shared the story of D.B.Weiss, who is co-creator and writer of the ridiculously successful ‘Game of Thrones’ series. Daniel (D.B.) was reflecting on his life leading up to Game of Thrones and said “I failed very consistently for many, many years. It was the bedrock of my life process”.
Want MORE? Sign up for the free BTA newsletter and join 1000’s of other traders who receive meaningful trading content every week, straight into your email inbox. Click here to join us.
Over time, he realized the key was to be less worried about failing. He summarizes the journey quite nicely with the statement:
“All the failures contribute to your overall ability to do your thing… Most people’s success rises out of the ashes of their failures”.
This is such an inspiring way to look at failure – from it being a negative state of finality to being a positive launching page to improve and move closer to success.
He’s not saying to go out and intentionally fail. But recognize many people fail before they succeed and failure is a learning experience that makes you better at what you want to do.
Many top traders have had challenges and failures during their careers, but their failures guided them down a path of improvement and future success.
The only traders that truly failed are those that gave up.
So, if you’re struggling with certain aspects of trading right now and feel like it’s failing, or whether you’re holding back because of fear of failure, keep in mind this quote from ‘The Creative Brain’:
“Failure is your friend, we can all learn from it.”
The Algo trading black book is packed full of trading tips for traders of all levels, plus right now it’s absolutely free – you can grab your copy here.
Episode 013: Listener question – “What’s the best software for executing and monitoring strategies?”