10Xers

BarroMetrics Views: 10Xers

In ‘Great By Choice’, Jim Collins identifies ’10Xers’ i.e. entrepreneurs who built “enterprises that  beat their industry’s averages by at least 10 times”. He found that 10Xers shared certain characteristics. While I have not done formal research, based on my experience, I’d say the same qualities would be found among ‘super traders’. Any trader would benefit should he actively seek to inculcate the traits.

Collins found two common values and three common behaviours.

Values

Accountability: 10Xers accept that the future is uncertain and there are forces beyond their control. BUT they also hold that they alone are responsible for their success or failure – not ‘luck, not chaos or any other external factor’. 

Passion and Focus: The motivating force is their ‘passion and ambition for a cause or company that is larger than themselves’.

Behaviours

Fanatic Discipline: 10Xers show ‘consistency of action’ with their values, goals, performance standards and methods. To quote: “They are utterly relentless, monomaniacal, unbending in their focus on their quest’.

By the way, in the courses I run, I start with VISION, Goals and Review. It’s great that I see confirmation of my approach. The sad thing is this: this part of the course tends to be honoured by the students by non-performance. They prefer to focus on the plan and risk management.

Emperical Creativity: 10Xers respond to uncertainty by testing new ideas. They use direct observation backed by experimentation that results in evidentiary feedback. In trading, the ultimate quantitative feedback comes from the stats derived from your trading; and the qualitative feedback from your  psych journal.

Productive Paranoia: (To quote): “10Xers … stay highly attuned to…changes in their environment, even when – especially when – all’s going well……They channel their fear….into action, preparing…contingency plans… and building  large margins of safety”.

For traders, one way of emulating this is to prepare and mentally rehearse different scenarios so that when the market responds they won’t be caught unawares.

One thing this book has again driven home: the more I study and read, the more evidence I have that success has a generic process that transcends time and subject matter.

6 thoughts on “10Xers”

  1. “They are utterly relentless, monomaniacal, unbending in their focus on their quest’.
    As a hypothetical, would this make Hitler a great trader? cheers Baz

  2. As it is correctly said “one way of emulating this is to prepare and mentally rehearse different scenarios so that when the market responds they won’t be caught unawares”.

    I remember I made my losses only when my self ego was at high and I was not ready when market responded different way.

    ray, last some days many people were talking about the worries, but market did not fall but kept in a range and then rallied to 1238 on Friday. Maybe it is kind of breakout? I think it is similar to one of your blog of flxibility few weeks ago

  3. Hi Sarvesh

    Thanks for the comment.

    Yes the breakout was presaged on Wednesday. The key level is now 1262 basis cash. Acceptance above 1262 confirms a move to 1318 to 1328; a close below 1219 without accepting above 1262 suggests a retest of 1074 to 1094

  4. Ray, might you be runnning your Discipline short-course again?

    Would be great to attend as a webinar rather than in Sing as I’d love your insights in this key area of trading.

    Cheers. Paul.

  5. Hi Paul

    Thank you.

    I have no plans to hold any webinars. My experience in promoting webinars has failed to produce the numbers I’d like.

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