Regret Less (Very Short Essay)
by: Colibri Trader
The sting of regret colours a lot of decisions and on many occasions prevents us from making decisions at all.
I am not sure what is worse- being regretful of taking a trade that turned out badly or not taking a great trade. Either way, traders normally feel disappointed.
If only I bought Ripple last December before it went up over 1,000%…
If I only did not enter in that losing trade that ate 50% of my equity.
There are numerous examples of what could have gone wrong or which opportunities we have missed. One thing that the majority of traders do not realise is that they spend too much time pondering over those moments, as opposed to moving on and keeping a strict plan.
A few solutions that have helped me mitigate regret are:
Be grateful for whatever the markets offer you
Make sure you follow your plan rigorously; even if you took a losing trade, if you followed your plan, you made the right decision. Same goes with missed opportunities
Try to reduce the number of options you have before making a decision
Regret less by adopting the standards of a satisficer rather than a maximiser
Another “secret” that has helped me stay on track is that I always keep a notepad at my bedside.
Every night, before going to bed and every morning 5 minutes after waking up I list three things that happened (or wish to happen) that I am grateful for. That has really helped me regret less and achieve more.