Failure is where you will find the most growth, only if you approach the failure with the right mindset. You have to fail forward and fail often, especially when you’re new to any field of study.
These failures shouldn’t be destructive to your whole career but they should be viewed as learning opportunities to help you be a better trader tomorrow.
There needs to be a sense of satisfaction when failing forward and it needs to be behind a passion.
As Austin likes to call it, “insistence persistence.”
Failing Forward with Linzi
Q: “Where did you first hear this lesson of failing forward?”
“You have to have that big drive and motivation when you are entering the entrepreneurial world. There will be days when you really won’t want to and you’ll want to be either stagnant or tempted to give up,” Linzi says.
It’s important to also look at people who are successful in the same field as you and have that be a motivation to you.
This is specifically important in trading because most people tell you that you won’t make money. This is because most people in trading do not make money, but all it takes is 1 person who has experienced success.
Linzi’s Advice for How to Fail Forward
- Do your markups, do your markups, do your markups! – the winning trade doesn’t matter, but the process does.
- Tap into your WHY – write down your why and put it into your trading plan.
- Generate trade ideas.
- Backtest your trade ideas and study what happens – this is how the best traders develop their own uniqueness within the edge.
How Linzi Found her Edge
First things first, Linzi does her markups and studies people who have been successful.
In the beginning, Linzi would qualify herself as a struggling trader, but she continued to do markups daily and learning from those who have found success in trading.
Even now, three years later, Linzi generates ideas, studies, and does her markups even when she is coaching other traders.
Being successful in trading isn’t a short uphill spring with lots of work and then you can coast and drive around in your Lambo.
Successful trading requires persistent hard work, studying and crafting your skill. If you’re not doing markups every day and generating ideas, you’re not staying sharp.
Austin says, “being consistent and strong-willed is key.”
Trading weeds out those who are weak-willed because it takes persistent hard work even when you fail.
Another important aspect of failing forward in trading is that you have to love trading to some degree in order to succeed. Linzi shares how she genuinely loves being a part of the VIP Chat, coaching others and giving feedback on other trader’s markups in the Facebook group. She spends her time doing this because she loves trading and it is her passion.
Failing Forward Mindset
The failing forward mindset is incredibly important. It’s crucial to be open-minded. It’s imperative to see a failing trade as an opportunity to grow and move forward.
For example, “Ok, I was wrong. EUR/USD went up not down, so what can I do to be better?” This will lead you to fail forward and not lose all of your money and burn out.
Look at all trade ideas and/or executed trades as if they are an opportunity to learn and improve.
View the trade as an opportunity to analyze it and think, “What will this trade do the next 100 times?” not “oh I should have been in this trade and now I have FOMO.”
Failing forward requires a strong mind and the ability to learn and grow from your mistakes.
Failing Forward with Different Account Sizes
Austin says, “if you have more money in your account, it’s easier to fail forward and grow your account.”
This is simply because, if you have a 100K account, make a mistake and lose $2,000 and then lose another $2,000 the next day, you still have $96,000 in your account to trade with. This wiggle room can allow a trader to not succumb to FOMO or try to quickly make up lost money with bad trades. It allows time to sit back and analyze the mistakes made.
Linzi agrees to a degree. She is a strong believer that if you’re why is strong enough, it shouldn’t matter what size account you are starting with.
Linzi, herself, started with a smaller account and has managed to grow it by failing forward.
Linzi has succeeded in failing forward and learning from her mistakes by having a strong why, staying committed to her why, doing her markups, generating ideas and ultimately finding her uniqueness within the ASFX edge.
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