Running IF in the same column

Hi!

I have to have a calculated column in the Sharepoint. When someone creates a new document, the value of the column should be "No", and after that the column should always have it's own value, since in some cases I set it to "Yes", or switch it back to no. I can't find out how to do this. I tryed the formula

IF(ISBLANK([Col1]), "No", [Col1])

but I got an error message, that the column refers back to itself.

Any suggestion, what formula should I use? Thank you.