Time to Press the Reset Button – Introduction
We are all humans. No one walking on this surface is perfect. This means that making mistakes is a part of life. We rise and fall. As a trader, you will often find yourself in this situation. A situation where you make money and the following day you lose it all. I have been in this situation as well. I have lost everything. How then should you press the reset button and start afresh?
- It’s for your own good
When you lose everything, your world will radically change. You will blame yourself, the universe, and even God for your loss. You will imagine your life has come to an end. You will cry and feel isolated. At this time, no one can tell you the positive side of the situation. However, years later, you will realize that this happened for your own good. If you are a trader who has not been baptized by fire, chances are that you will never succeed. Losing will help you to become a better trader in future. It will help you reduce the risks you used to take. It will also help you realize who your true friends are. Remember, when you are at your lowest, that’s when you know who your real friends are. The people who stick with you during this dark period are the genuine friends.
- Start over again
If you managed to start before you knew anything about trading, chances are high that you will get started now that you are experienced. In fact, some of the most successful traders and investors have failed before. Warren Buffet, Steve Cohen, William Ackman, and Dan Loeb have lost billions of dollars before. For them, they turned their past losses to fuel that fulfils their lost desires. And so, they work. They work hard to ensure that the money and time they lost was not in vain.
So, don’t be afraid to start over again. Be afraid of not starting over again. Remember that if you don’t start over again, you will be the one to blame.
Start with the little that you have. If you don’t have anything, talk to a trusted friend or a close family member. Tell them your story and be open to them. Tell them your mistakes and let them understand your situation. Chances are that you will get some seed capital to start over again.
- Be cautious this time
Now that you have received seed capital to start over again, you need to be cautious. Learn from your previous mistakes and practice utmost cautiousness. Don’t aim to make the amount of money you were making before you lost it all. Focus on building your money bit by bit. Remember that too much of everything is poisonous.
- Be thankful
In your recovery, remember to be grateful. Be grateful to your friends or family members who came through for you. Be grateful to people who are close to you who have proven their worth to you. Being grateful is one of the most important things you can ever do in your life. It is also a major secret sauce to your success.