The quality of our lives is determined by the actions we take. Our knowledge, experience, decisions, questions we ask, matter not a wit unless action follows. That’s why I call my seminar that lays the foundation for trading success, Habits of Success.
In his book, The Action Phenomenon, Robert Ringer suggests that four insights working in concert “provide a person the capacity to overcome virtually any obstacle in his path”.
- “Nothing Happens Until Something Happens”
It stands to reason, doesn’t it? You may have the most profitable trading plan in the world but unless you execute it in line with its rules, you won’t profit from it.
When it comes to learning how to trade, the best time to start is now. I have been teaching since 1990 and I am constantly amazed by the ease by which students put off learning to apply the new learning until tomorrow. After all, they paid for it; they put in the effort to attend the sessions; but ask them to move outside their comfort zone and that action is postponed until ‘tomorrow’.
Consistent, incremental actions applying the new knowledge is what is needed to integrate it.
- ‘God Helps Those That Help Themselves”.
In short, we are responsible for our successes and failures. Along the road to success, we will encounter many a helping hand. But to benefit from the help, we need to act upon it with the gratitude the assistance deserves.
I believe that no one achieves success without some form of assistance from someone. And it is part of the success-action picture that we acknowledge that helps, and feel grateful for it.
- “The Law of Averages”
The more actions you take, the more times we plan and reflect on and evaluate the results of our actions, the more likely it is we’ll achieve our desires. Each result brings us closer to our goal. If an action does not produce the result we seek, the results tell us that that combination of events and actions will move us away from our goal – hence we should change whatever it is we are doing.
- “Action Produces Genius, Magic and Power”
Ringer defines genius as ‘expansive mental paradigm’. By that he means that by taking action, evaluating the results, etc, we create new neural pathways that increase our creativity. This is akin to the ‘Psychology of Intelligence Analysis‘ idea that we ought to retain our decision heuristics and at the same time, without blocking fresh sensory data and to constantly challenge our decision assumptions and premises.
By ‘power’, Ringer means that action generates momentum.
So, the cycle of success is ‘action leads to genius and magic; action, genius and magic work in concert to produce power; action, genius and power work together to increase motivation; and motivation leads to more actions …while this is going on, the Law of Averages sits in the background and makes time our ally so long as we continue to take action’.