LOOK THY SELF IN THE MIRROR
One of, if not the hardest things to do as a human is to look in the mirror and ask the hard question…”what do I need to do to get better”? In other words “what do I need to change”? While it’s one of the most important exercises you can perform as a trader (or business owner, spouse, parent…), unfortunately most people fail at this.
Why is something so simple, so hard? Asking yourself the tough question(s) is a form of admitting you need help or you may be wrong and we humans have a real issue with this. We like to be “right” and we want to try and control everything – well admitting we are wrong or need assistance is somewhat taboo in our society. How this came about is up for discussion and not important…but what is important is understanding that the market doesn’t care if you are “right”. Matter of fact Mr. Market has no feelings and could care less what your feelings are. Mr. Market can and will expose your weaknesses daily and to be prepared and become a better trader it is critical to ask yourself the tough question…”what can I do to become better”?
Mike Bellafiore of SMB Capital, and the author of One Good Trade (which I highly recommend, it’s a great book chalk full of trading insight), wrote a great blog post that demonstrates the two sides of this mindset. Read the blog post here: http://ow.ly/38rz9.
Trader “A” finds every excuse on why it’s not his fault and battles, subliminally, how he cannot be wrong, while trader “B” takes a quick inventory of himself and his mistakes and realizes he’s not correct (or perfect) and needs to improve. Game, set, match! Unless trader “A” has an “Aha” moment my money is on trader “B”. And yes, this is a mindset. YOU have the choice to get better – whether you take courses, work with a mentor, study charts longer, get more screen time….you can get better.
I heard golfing great Gary Player say that…and I am paraphrasing…when your feet hit the floor in the morning you have the choice to be happy or sad, it’s up to you.
So I ask when your feet hit the ground in the morning are you going to ask the tough questions and get better or are you going try and be “right”…the choice is yours.
Trade to Trade Well!
Trade Less, Earn More