Every action has a reaction.
duh.

If you choose a particular action, the reaction could end up with desired results or pretty much mess things up and in most cases is the wrong action to have taken.

The good thing about ending with the wrong reaction is knowing for the future that that action you took was the wrong action - obviously(unless you have bad short term memory..).
I think these mistakes, witnesses and reactions are the building blocks of experience. I'm of the opinion that experience is a personal journey of construction, made up more importantly of mistakes, these failures and successes. The only real way you can build experience like any other building exercise is on a construction site, where all materials you need are available. In the same way, in life I think giving yourself opportunity to fail or succeed is putting yourself on a construction site. You really cannot build in the bath or in the kitchen and in the same way you cannot learn about money and project delivery without taking on a project or going into and out of debt(obviously -moderation, moderation, moderation) but it's putting yourself in positions like this, where reactions(as a result of your actions) will occur that defines not only your character but builds your experience.

Loosing is not great but it let's you know you're doing something differently to the winner. You can then take the opportunity to become better. In this way, I value the essence of life which if you let it, becomes a series of actions you take and reactions that you learn from - again if you decide that you want to be on the proverbial cobstuction site.

The difficulty in taking this approach I suppose is getting over the social stereotype that the only way in life is to choose correctly which action you want to take to get the desired reaction. This is the shortest way to move forward without having to assess failures because you assume or you are in fact right. But often failures are seen as useless, which they are certainly not and not enough time is taken to assess and learn from them. I think learning from mistakes involves more than assessing the damage but also involves character, patience, determination and foresight which I think also contributes to an individuals personal growth.

In short, there is a lot of value in mistakes and being wrong if you understand that.

The other thing that I've found is that wisdom really is just a story of experience.
On a personal note, while you should yield at wisdom, living and experiencing the story of wisdom like learning is so much more effective than just accepting an answer or the moral of the story. At times I get restless with wisdom because you can't proove it until you perform it. Obviously if you can't perform it, the story/wisdom is the next best indicator of which action you should perform. I suppose that's the story of ones life, choosing which advice to follow and which you'd like to define for yourself.