Most traders blow up their accounts, then abandon their plan and start over with a new goal instead of adjusting. This cycle of restarting prevents them from building momentum toward their original objective.
When you start out as a trader, you set a goal. The thought is that goal is where I want to be. Well, what's the first thing that you experience when you set a goal? They run into what we call friction. You have this wonderful plan, you write it out in this really nice statement, and then as soon as you start acting on it in real time, the market slaps you in the face, you make mistakes, you, you know, you run into challenges. And unfortunately what happens to a lot of people is they blow that up and then they try and come up with a new solution. And I think especially in trading, it's really hard because you can say nothing's working, I need to start fresh. And essentially what you're doing is going right back up and setting a new goal. That process doesn't really build a lot of momentum because what you're doing is kind of blowing things up, starting over, blowing things up, starting over. I think a lot of people have been there in their trading and unfortunately it winds up with, I failed this challenge or I blew up this account or I did that and I kind of have to start over.
