Failure and What It Needs To Be Useful
Most of us don’t take risk because we are scared of failing, most people attach this failure to other people’s opinion on them when they fail, this is why you hear the « what will people say » question. They don’t do it because they are worried about what people will say. But forgetting that there are ways of converting your failures to be something useful. Learn from your failures they say, but it’s easier said than done.
To learn from failures is something brave and courageous to do, especially when trading crypto or investing in crypto. Okay, may be I am being too biased limiting it to just crypto. Let’s relate it to money generally, or digital assets or trading. During my days of learning Forex, I learnt a lot of things,especially failing and learning from failures. If you have traded Forex you will know the feeling of trading with a demo account is different from the feeling if trading with a real account. Some people get stuck in demo trading because they love the euphoric feeling of seeing theirselves make profit but scared of facing the reality of real accounts.
If you want to convert failures to something useful, something you can create value from, something like creating lemonade from lemon then you have to know three things.
Detach Failure From Your Identity
Have you heard that phrase « it’s a bad day not a bad life ». One trading mistake or couple of bad financial decisions don’t define your life. Don’t feel that failure is what governs your identity or seeing it as a reflection of yourself. You know when you start having that bad feeling about yourself because you failed, that is not who you are, don’t dwell on that because that is extremely damaging.
See Failure As An Informative Tool
Nobody came into this world with manual on how the world works, life is a school that teaches you after you have taken the lesson. Which is different from school that teaches you before the lesson. The moment you start seeing failure as not something that defines you but something that can teach you to change because you have the ability to learn and change to what you want to achieve. You end up using your experience or information you have gotten from your failures, to be better.
Learn To Recover From It
Failure is inevitable, you must experience it, you can never escape, but learning to recover from it, learning from it and bouncing back is a skill you need to keep going. While this is so, it’s advisable to avoid doing things that will damage you in a way that it gets extremely hard to recover from when you fail. Those failures are not worth having. Like investing more than you can afford to lose in crypto. Investing all your life savings or borrowing a lot of money to invest in crypto. If you invest wrongly and you lose all that money, such failures can be extremely catastrophic, some people must have taken that kind of risk and succeeded but that doesn’t mean that you have to go the same path. Invest wisely and invest money you can recover from if you ever lose it.
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Most times what we define things as, actually go a long way to shape our mentality about such things.
When we see failure as a point of no return, we see it as a dead-end. But when we see failure as a testing ground or something similar, we know it can only make us better if we strive harder.
For instance if we take failure as falling down, what should we do next? Stand up and move on. But when you see it as a dead-end, you won't think of standing up or you'll be scared to stand up and walk.
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Absolutely right, thats one of the best ways to be successful
Failure is required to learn and improve. Seeing many businesses start from the ground up in my short lifetime I know this to be true. There are serious struggles and things to overcome along with failures and launches that just don't go well.
Guess what?
That's ok and people should be looking at them as learning points. You'd be surprised how much you learn and how much strong you come back from seriously huge challenges when your back is to the wall.
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thats true, i also have my own share of experience with failure and boujncing back, so i know what it feels like
It's common fears for people to get failure in their live. Start from build strong mindset to always try the best, seeing failure as redirection to achive succes . Rise and stand up.