"Mistakes are the stepping stones to wisdom, we learn from trial & error, we become wise by understanding problems."But how many times I have repeatedly made the same mistakes and how long it will take to correct the mental process and behavior?
I was pretty much inaction in dealing with wheat. Hoping for a turn around instead taking actions to reduce my risk. The biggest mistake was a single minded directional thinking. I had no 2nd and third hypotheses and plans in place while waiting for USDA report. My positions in wheat were crashed when the market went to opposite direction of my expectation after the report.
I guess it requires more discipline and patience to learn and correct mistakes. I wish there is a faster way to learn it. I often recognize a potential mistake when I thought about it but didn't stop my action. I need to have a rule as: When in doubt hold any action and think it again before doing it.
One progress: I am not panic when in loss. I start to think about solutions. I laid out a spread sheet to prepare rollovers rationally. I don't have a good solution for my long wheat positions yet.
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