At the end of every single day, I ask myself the ultimate question: "Why?".
If you've had a bad day, asking this simple question will allow you analyze the reasons why the day resulted in the way that it did.
The key is to try to answer the question without blaming external events and/or people. Dig deep and try to find 3 or 4 answers to the "ultimate question". Look to yourself for the answers and try to figure out what you could have done differently to change the outcome.
It is the answers to this "ultimate question" that will help you to grow. Just remember, it does no good if your answers are something you have no control over. Things like "It was that guy's fault" or "I just have bad karma" will not help you in any way because you are accepting the fact that you are not in control of your life.
I've done this exercise many times, especially when I've had a tough trading day. I'd end up asking myself "Why did my day end like this and why did I lose so much money today?".
I would actually sit down, look over my trading notes and really think hard about my answers. This exercise has helped me become the trader I am today because I was actively learning from my mistakes and figured out what works for me and what doesn't.
Can you imagine if I never did this simple little exercise or if I always blamed something else for my bad days?
I highly doubt if I would have made it to where I am as quickly as I did.
If you've had a great day, then excellent! By asking "the ultimate question", you can identify the things you did right so that you can continue doing them!
Not only that, but by asking "the ultimate question" after a perfect day, you are acknowledging that fact that you did a great job and made good decisions - a sort of pat-on-the-back for a job well done.
When I have had great trading days, I still make it a habit to ask myself "Why was today such a great trading day?". I would again, sit down and review my trading notes and identify what I did right.
From this exercise, I would continue doing the "right" things and incorporate them into my trading strategies, which helped accelerate my learning.
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