BarroMetrics Views: Self-Awareness
We have just completed the last drive for attendees for the Feb 2013, BarroMetrics University.
Without a doubt, there are fewer willing to improve their skills when we compare the numbers of past years. This despite the fact that, as one attendee put it, “I learn more from your one day presentations that I do at a 2 or 3 day seminar”.
Interestingly, the dollars being lost appear to be the same.
In my presentation, I do an exercise, asking attendees to calculate the average monthly result (on Thursday last, all monthly results were losses) and project that into the next 36 months. The product (avg monthly loss x 36) is the amount that will be lost in the future unless the attendee effects some change.
I then ask what change will the attendees make.
We find that of many don’t know what to change or show a willingness to change. If changes are made, they tend to be cosmetic rather than substantive. This means, of course, that most will continue to harvest the same results and continue to lose money.
Even more interesting is the response most attendees give when confronted. “I don’t agree with you. I won’t change but something will happen so the loss you project won’t occur”.
In one sentence, they succeed in excusing the lack of change and transferring the consequences of their actions from their shoulders to mine. “Oh really?” is all I have to say.
It seems to me that until a losing trader develops a self-awareness of how he is producing his results, he will not improve; and I guess that until that self-awareness develops, he will remain in the 90% that lose money.