The Difference that Makes a Difference?

What is the essential distinguishing factor that marks the successful from the unsuccessful trader?

Let me answer that by way of a true story.

I have just completed three-and-a-half months of coaching. An educator comes himself blessed if once in his career he meets a group of individuals that embody all a student should be.  Such a group joined me in 2006; the current graduates are the second. Guan Boon, Martin, Jody and Joe, it’s been an honour and a privilege.

So, what does this group have to do with ‘the difference’? See if you discern it.

Let’s take Martin. A profession, stock prop trader. English is not his first language. He had taken a couple of courses before mine. In my course, too often, in lectures, what Martin thought I said was not what I meant. Also, while Martin has an excellent feel for context, executing the details was not his forte.

Martin overcame both handicaps. He badgered me to death until he was clear on what he had misunderstood; he kept refining his process until his attention to detail is first-class.

Now, let’s have a squiz at Joe.

Joe has been trading for more than five years, He has done a number of courses but until recently success eluded him. According to the Williamson personality test, Joe is best suited as a mechanical trader. So, when he took up the 4 Index-trading System Course, I was concerned that the system would not suit him: the system has discretionary elements – defining what index to trade and applying the filters that eliminate high probability losers.

Joe took the System like a duck takes to water. He found it suited his personality – so much so, he topped the class. A problem then arose when Australian daylight saving came into force. He found he could not accommodate the new trading times with his job.

So, he tried a number of solutions. At first, his actions did not produce what he wanted. He kept trying new solutions until he found one he could live with,

Guys and gals, from the anecdotes, what is the difference that makes the difference?

ACCOUNTABILITY

Both Martin and Joe took responsibility for their results – they owned them. With that, they keep trying new actions until what they did produced the results they wanted. They could have moaned and groaned and blamed the world and others.  That may have made them feel better but would it would not have led to the success they wanted.

You want to succeed? Take ownership of the results. Identify what is holding you back, then make the changes that are needed.