When market itself is evolving and broadening, participants evolve too, so I guess there is no avoiding everything unless one can experience vicariously, but then again vicarious experiences alone cannot help as they are not felt, and as such they don’t constitute as learning unless one has some experience. We will get wet if we want to go in the waters, there are no two ways about it.
So as one goes forward through months and years, and looks back, and see a trajectory which is satisfactory in terms of both learning and profits, everything is good.
And one who acknowledges mistakes and does not repeat them but learns from them, things are bound to get better, even prosper.
I can relate to what you have said, dabbling, participating, investing, losing etc, right from IPOs to derivatives, and now that I have moved a little forward, I am glad they happened, I am happy I did all of them, because I wouldn’t have been me as a participant, if I did not do them. All part of learning for me.
So I guess what we call mistakes at a point in time, may feel like part of learning with passage of time, but there will be mistakes, misjudgement, even after gaining decades of experience, even for greats like Livermore or Buffett.
So the river of learning will always has the component of mistakes, whose occurrence may become less, and whose impact in monetary terms will have less impact, as one matures.
Just my thoughts.
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