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You're a technical analyst who just experienced a major failure. What are your next steps?

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Technical analysis is a method of forecasting the direction of prices based on historical patterns, trends, and indicators. It can be a powerful tool for traders and investors who want to exploit market opportunities and avoid risks. However, technical analysis is not infallible, and sometimes it can lead to major failures, such as missing a breakout, entering a false signal, or exiting a profitable trade too early or too late. How do you cope with such failures and learn from them? Here are some steps you can take to improve your technical analysis skills and resilience.

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Febriarini R.

Finance & Business Control | Delivered synergy through data & forecasts | Tech-Startup, Investor Relations…
Vanessa Lasko, MBA, CMT L2 candidate

Army Intelligence Veteran, Financial/Business Analyst, Consultant, DevOps, Certified Ethical Hacker, Splunk, CompTIA…
Maanan Jagani

Founder @ridhivam ?? | import - export ??| CFA candidate??| investment banking??| Forex trader ??| community guy ??|…

1 Acknowledge your emotions

The first step is to acknowledge and accept your emotions after a failure. You may feel angry, frustrated, disappointed, or embarrassed. These are natural reactions, but they can also cloud your judgment and affect your performance. Instead of suppressing or denying your emotions, try to express them in a constructive way, such as writing a journal, talking to a mentor, or meditating. By acknowledging your emotions, you can release them and move on to the next step.

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Febriarini R.

Finance & Business Control | Delivered synergy through data & forecasts | Tech-Startup, Investor Relations, Supply-chain, Real Estate & Aquaculture experienced. I also trade in the financial market. Ana dammi Falastini.
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Acknowledging emotions is very important in every aspect of life. If not recognized and acknowledged, your emotions will overcome you and hinder the fruition of your next efforts. Best way to release all of this is by doing a run or sprint in the morning before any meals. Guarantee you'll cry a flood of tears but you'll also feel better afterwards. This purge can be repeated daily for a week and then after you feel relieved, you may begin the next step of analyzing and planning your trades.

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Maanan Jagani

Founder @ridhivam ?? | import - export ??| CFA candidate??| investment banking??| Forex trader ??| community guy ??| Building unicorn Start-up???? | Building muse ??community | AI & ML ??| GenAi ??| LLM ??
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failure is a part of trading or a financial carrier so after a big failure take a sort of break and stop waiting for markets for some days and write the mistakes you made and the failure happened and restructure your strategy

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2 Review your analysis

The second step is to review your analysis and identify what went wrong and why. You can use a trading journal, a checklist, or a feedback system to record and evaluate your trades. Some questions you can ask yourself are: Did you follow your trading plan and rules? Did you use the right indicators and time frames? Did you consider the market context and conditions? Did you manage your risk and position size? Did you have a clear entry and exit strategy? By reviewing your analysis, you can pinpoint your mistakes and learn from them.

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Vanessa Lasko, MBA, CMT L2 candidate

Army Intelligence Veteran, Financial/Business Analyst, Consultant, DevOps, Certified Ethical Hacker, Splunk, CompTIA Security +, eSports, Project Management
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Many of us do not like to face our failures but most often they are our best source of inspiration and improvement. Review the reasons you took the position, make sure that you did not break your trading rules or overlook important fundamental data. Make notes where you could improve and understand even with a perfect entry the market can go against you.

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Febriarini R.

Finance & Business Control | Delivered synergy through data & forecasts | Tech-Startup, Investor Relations, Supply-chain, Real Estate & Aquaculture experienced. I also trade in the financial market. Ana dammi Falastini.
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Analysis wise is not one size fits for all. You may want to seek expert's advice or your trading mentor/counselor in pointing out the flaws of your analysis. Sometimes it's failure to recognize the trend or the phase of the price, sometimes it's rushing into trades or stop-losses that are too tight. Seek mentor's advice.

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3 Adjust your strategy

The third step is to adjust your strategy based on your review and feedback. You may need to change your indicators, time frames, risk-reward ratio, or stop-loss level. You may also need to refine your criteria for selecting and filtering trades. You may even need to switch to a different trading style or market. The key is to find a strategy that suits your personality, goals, and skills. By adjusting your strategy, you can improve your accuracy and consistency.

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Febriarini R.

Finance & Business Control | Delivered synergy through data & forecasts | Tech-Startup, Investor Relations, Supply-chain, Real Estate & Aquaculture experienced. I also trade in the financial market. Ana dammi Falastini.
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Opting to learn indicators before you master pure price action is not recommended. Market structures repeat from time to time, changing your "trading style" without mastering price action will only waste opportunities and make your grasp of knowledge too convoluted. Indicators are to complement PA technical analysis not as the main tools.

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4 Test your strategy

The fourth step is to test your strategy before applying it to the live market. You can use backtesting, paper trading, or demo accounts to simulate and evaluate your trades. You can also use performance metrics, such as win rate, average profit, drawdown, or Sharpe ratio, to measure your results. You can also compare your strategy with other strategies or benchmarks. By testing your strategy, you can validate its effectiveness and reliability.

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Febriarini R.

Finance & Business Control | Delivered synergy through data & forecasts | Tech-Startup, Investor Relations, Supply-chain, Real Estate & Aquaculture experienced. I also trade in the financial market. Ana dammi Falastini.
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One of the platforms that provides backtesting is TradingView. You may have to spend extra $14 to use this feature but it's the best way to test your strategy without losing your capital.

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5 Seek feedback

The fifth step is to seek feedback from other sources, such as mentors, peers, or experts. You can join a trading community, a forum, or a course to exchange ideas, opinions, and insights. You can also read books, articles, or blogs to learn from other technical analysts. You can also watch videos, podcasts, or webinars to see how they apply technical analysis in practice. By seeking feedback, you can broaden your perspective and learn new skills.

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Febriarini R.

Finance & Business Control | Delivered synergy through data & forecasts | Tech-Startup, Investor Relations, Supply-chain, Real Estate & Aquaculture experienced. I also trade in the financial market. Ana dammi Falastini.
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Aside of mentor's feedback, asking your trading peers as well to give you inputs on your backtested results and your next analysis can also stimulate and improve your mental strength and build your confidence.

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6 Keep learning

The sixth step is to keep learning and updating your technical analysis knowledge and skills. Technical analysis is not a static or fixed discipline, but a dynamic and evolving one. You need to keep up with the latest trends, developments, and innovations in the market and the field. You also need to keep experimenting, testing, and refining your methods and tools. You also need to keep challenging yourself, setting goals, and tracking your progress. By keeping learning, you can enhance your competence and confidence.

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Vanessa Lasko, MBA, CMT L2 candidate

Army Intelligence Veteran, Financial/Business Analyst, Consultant, DevOps, Certified Ethical Hacker, Splunk, CompTIA Security +, eSports, Project Management
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Always continue to sharpen your saw. Read books, watch financial news, go to seminars, listen to audio books, network at events and sit in lectures. The market is always changing so you always have to be learning.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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You're a technical analyst who just experienced a major failure. What are your next steps?

1

2

3

4

5

6

7

1 Acknowledge your emotions

2 Review your analysis

3 Adjust your strategy

4 Test your strategy

5 Seek feedback

6 Keep learning

7 Here’s what else to consider

Technical Analysis

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You're a technical analyst who just experienced a major failure. What are your next steps?

1

2

3

4

5

6

7

1 Acknowledge your emotions

2 Review your analysis

3 Adjust your strategy

4 Test your strategy

5 Seek feedback

6 Keep learning

7 Here’s what else to consider

Technical Analysis

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