Commitment doesn’t mean that it has to last forever, but while you are there, commit yourself 100%. By doing this, the quality of your life improves 100%. – Susan Jeffers
Achieving anything worthwhile in life takes time, hard work, studying, and commitment. It’s not til the end of a journey that we can reflect back and see what we accomplished, noting the good times and misfortunes along the way.
Are you willing to make the sacrifices necessary to be successful? Can you put in the time it takes to rise above the rest of the crowd and produce extraordinary results?
Time is the one thing none of us can get back, so when I say you need to make a time commitment, I am really talking about making the best use of your time to increase your knowledge. Whether we’re talking about options trading, stock trading, or investing, there are a few things you have to do to translate your time into success. Practice is one of them.
Practice doesn’t make perfect. Practice reduces the imperfection. – Toba Beta, author of Master of Stupidity
Michael Jordan once said, “I play to win, whether in practice or a real game.” Do you play to win at all times? Are you always working to take your game to another level? What steps are you taking to do this?
You can get better as a trader by experimenting and trying out different trade ideas, methods, or systems. Because future outcomes are unknown, we must rely on our good sense, judgment and instincts as traders. A system or methodology may be the only thing that saves us from a disaster or total wipe out. I will even take it a bit further and say that failing and succeeding during practice will make you a better trader. You will be able to see the entire playing field, not just one narrow sliver of it.
“We’re talking about practice. I mean listen, we’re sitting here talking about practice, not a game, not a game, not a game, but we’re talking about practice. Not the game that I go out there and die for and play every game like it’s my last, but we’re talking about practice, man.” – Allen Iverson, who went on to say “practice” over 20 times in a two-minute period
Clearly Allen Iverson thinks differently about practice. Maybe that’s why he has six fewer championship rings on his fingers than Michael Jordan.
If you have only ONE path and it’s all about winning, your perspective is out of whack as a trader – you suffer from tunnel vision. When a trade does go against you, you get defensive and go into denial mode, which eventually leads to paralysis. It’s hard to escape this negativity vortex. To break out of it, you have to try different methods and systems. You have to practice them over and over until you achieve high levels of success. Mind you, we are not talking about perfection; trading is not a game of perfect. We are talking about taking the time to do your homework, study, and apply a strong work ethic.
Most people are in such a rush to succeed that they forget how to get there. It has taken me years to overcome my desire to “get rich quick.” I had to learn that there is no joy or happiness in taking the fast road to success. OK, some will disagree with me on that one, but I have chosen to enjoy the journey rather than blindly running to my destination – and I have never felt better!
Take the time to learn new methods of trading, either options or stocks. Practice, experiment, and don’t be discouraged by losses because they will happen. Failure, however, is NOT an option. Practice moves us safely away from the cliff and better prepares us for uncertain outcomes. Experience is the best teacher, so be flexible, open-minded, and allow yourself room to grow and become a better trader.