BarroMetrics Views: Single Most Important Reasons for Success II
There are two ‘single’ most important reasons……the first is an unwavering commitment to do whatever we need to succeed. Some call this ‘drive’, others call it ‘persistence’ ….whatever we call it, it means:
- Never giving up the goal (i.e. the end remains constant); and
- Taking the necessary consistent action that leads to success. (i.e. taking the necessary means to attain our end. The means can and do change).ki
Trading success does not come easily. From first hand experience, I can say that success requires foregoing money, time, effort and most of all, psychological comfort. I placed my first trade I the late 60’s and sold my legal practice to become a full-time trader in 1980. The start of my consistently profitable years was 1987. In between, I lost a ton of money and more…
Luckily for me I had a fantastically supportive wife – both in terms of providing moral support as well as financial. For my part, I kept trying – changing what wasn’t working, keeping what was.
It was a long, hard road. If I had known how hard, I may not have embarked on the adventure, and I would have been so much the poorer as a result.
Most successful traders have had similar journeys (for their stories a good read is Market Wizards); indeed, many who have been recognized for their successes outside the trading arena have travelled a like road – Stephen Hawkins, Walt Disney, etc…..
What distinguishes those who have succeeded and those who have not is this quality of total commitment AND…….more in next blog.