For the most part, the trading industry attracts a certain personality to its door. Without ever meeting you I would know that you are driven, you have big goals and big dreams, and you are in more than one aspect a perfectionist. Your needs to field your own mistakes are huge and you don’t tolerate your own mistakes well. Of course, you have an entire other personality that I couldn’t stab a guess at, but almost all traders fit that bill in part because that is the profile of a successful trader. Successful traders also learn along the way that they can not be perfect and that they developed a pretty significant fear of failing somewhere along the way. When the fear of failure hinders your success, it is time to examine your need to win.

Perfectionism can be one of the greatest hindrances for any trader. While drive often helps propel us toward success, the need for perfect trading records can actually work against us and create a terrible sense of dread when executing trades. There is no such thing as a perfect trading record, so why would you reasonably be able to expect one from yourself? Often evaluating your own record, your own trading abilities, and your ability to grow and learn through the process is more difficult to do accurately when you demand a standard that is ultimately too high. Everyone needs a break every now and then, especially a break from pressure and internalized stress. These conditions can make trading intolerable.

The need to be as close to perfection as possible can lead straight to fear, anxiety, and even mental breakdowns before each and every trade. While you might be able to hide these emotions and situations well from the people around you, you won’t be able to hide them from yourself for very long. In fact, if you are struggling with the results of perfectionism, chances are you are already a little disillusioned about a career in trading. Most perfectionists that don’t learn to cut themselves some slack quit within the first eighteen to twenty four months, just at the point where they probably have developed enough skills to start seeing a significant increase in profits.

If you are going to experience real, long lasting success in the trading industry, then you are going to have to accept that you are going to make mistakes. Sometimes, you are going to make huge mistakes. Sometimes they will just be little mistakes. You can’t get into anything new and expect to go through the process without making mistakes. Mistakes are nothing more than learning opportunities that will show you how to take a more effective next right step. There is no reason why you can’t overcome any mistakes that you might make along the way. When you find that you have erred on some level, refocus on the larger picture, drawing out the best in yourself through self forgiveness, education, and the grace to allow yourself to move past your errors.

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