Make Your Mistakes Work In Your Favour

by Glenn Fisher

Well, you can call me an idiot today...

Thanks to everyone who spotted my silly mistake in yesterday’s issue.

I’m glad I’ve got so many eagle-eyed readers.

It seemed for a moment we’d all leaped forward into the future. But on closer inspection, on a couple of occasions I’d accidentally written 2010 instead of 2009.

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I originally wrote...

"Most financial commentators were predicting the end of the world and thought 2010 would be some kind of Apocalypse Now for the markets.

"As I said then, in the short term I tended to agree.

"At least for the first few months of 2010 I expected the FTSE to continue to fall.

"And it did."

Of course, it actually continued to fall for the first few months of 2009!

Anyhow, you can see what I should have said here - My Major Financial Prediction For 2010

Now, rather than skirt over this mistake, I thought it would make a good springboard to talk about something I was discussing with a friend recently...

You see, the chap I’m talking about is a trader.

And he’s a good one. He makes people good money.

Now and again though, he hits a loss.

Any good trader will tell you, there’s no way to avoid it.

But he wanted to ask me whether - when it comes to promoting his service - he should say much about the losses. How open should he be about his mistakes?

Very, I said.

Making mistakes is what makes us human, it’s what makes us real.

It’s frustrating for me to slip up like I did yesterday, but at least it shows that I’m human. I’m a regular bloke like anyone else, who makes mistakes now and again.

Would you prefer that or some heartless editorial machine churning out a perfect but soulless message each day?

Actually, don’t answer that.

Seriously though, it’s the same in the case of the trader.

The only difference is rather than some silly typing mistake, losing a trade has a real financial implication.

But my word; I’d rather have this guy tell me up front that there’ll be risks along the way.

And not just risks - actual losses.

For me, it shows I can start to trust the guy.

That I can see he’s made mistakes but had the strength to admit them, and even better, followed them up with profitable trades...

It goes a long way toward me taking this guy seriously.

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I mean, some trader who arrives at my door and reckons he’s never had a losing trade... come off it.

Don’t get me wrong, if you keep making big mistakes (if you’re regularly losing money) then there’s a problem and just admitting you messed up isn’t going to cut it.

But if you make a mistake now and again don’t be too defensive and try to cover it up, don’t try to blame someone else...

And don’t be ashamed of it.

Get it out there...

If you’ve hit losses along the way to making money, be straight up. Explain your case.

You’ll find a lot more people appreciate you being honest than those who deride you for making a mistake.

Fact is, if you don’t know what you’re doing wrong, you’ve got no way of fixing it... you’ve got no way to improve what you’re doing.

And when you stop trying to improve yourself, well, you might as well give up.