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Why We Fail 2
Wednesday, April 12, 2017 2:26
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- and how to succeed!
Without a doubt, failure is a precursor to success. I don’t know anyone who has not failed first before succeeding. But, that does not mean we’ll succeed just because we fail. If that were true, then the success rate would be over 90% rather than the reverse.
To make failure a part of the success process we need to learn from our failures. And this learning or lack of it is the key ingredient that separates the 90% (unprofitable) from the 10% (profitable).
So, what do we need to have to be willing to learn?
Well, there are three values that are critical:
- The commitment to do whatever it takes – time, effort and money. This value necessarily encompasses
- The willingness to move outside our comfort zone.
- Integrity and honesty with ourselves. By integrity, I mean keeping the promises we make with ourselves; by honesty, I mean not consciously faking reality.
We’d also need some skill sets:
- A process for learning (e.g. Learn Better) i.e. acquiring knowledge
- A process for turning knowledge into skill. The best method I know is Deliberative Practice. For a primer see The Secret of Great Men: Deliberative Practice
- Whenever we seek to focus, cultivate a Flow environment. (Living in Flow)
- A reasoning process (e.g. The Sauce Method)
- A creative process (e.g. The Five Stages of Creativity)
- A passing acquaintance with stats and probability theory would be helpful (Best books for a newbie would be Derek Rowntree’s Statistics Without Tears and Probability Without Tears)
- Finally an effective time management system.
Tomorrow I’ll put it all together
The post Why We Fail 2 appeared first on Ray Barros' Blog for Trading Success.
