The #1 Most Important Trait for Trading Success
One trait, above all others, is the key to success in trading as well as life. Ironically enough, it seems to be a combination of all the traits that make for a happy life.
Michael Jordan had it; scoring 3 pointers as the buzzer was going off. Joe Montana did it 31 times and 3 times in the Super Bowl. Muhammad Ali did it when Joe Frazier could not. Charley Sheen is doing it right now. Arnold Palmer did it at the U.S. Open and the Masters.
What trait do all these have in common that I think, we traders, simply must have?
Some people might think the trait I am talking about is to be positive. Others might think it is persistence. Some that I've mentioned it to think it has to do with discipline. Others are convinced it is the ability to keep your emotions under control.
The truth is, it is probably all of these things.
What all of the famous people mentioned above have in common is a unique ability to come back from behind...when they've been losing. Joe Montana has four Super Bowl victories, three times he was behind going into the third quarter. Joe racked up 31 wins when his team came into the 3rd quarter losing the game. They still run television clips of Michael Jordan, making three-point baskets to win championships with a second to go.
You get the picture. Athletic greatness, and greatness in careers, even for someone like Charlie Sheen, is to come back when you have been in a disastrous situation.
Here's what I think this is so important to commodity traders.
We know for certain, without a doubt, that at some point we will be losing money. In some instances it may be a lot of money. It may go on for a long period of time. Do you have what it takes to come back from behind?
That is what separates the great one's from the just so-so performers.
Obviously, part of that trait is to stay positive. Part of that trait is to stay disciplined and have your emotions under control. But above all I suspect it is to simply stay in the game, to not give up, to be there waiting for an opportunity to take advantage of the situation. You don't get paid for being in the bleachers of life.
My advice is when you are thinking about your personality traits; the ones you can improve, or ones you should delete, you might want to look at the total picture to create a total personality that will help you in coming back from behind.
It is certain, trade long enough, and you will have a drawdown... you will be behind the eight ball, big or small, you will need the ability to come back; to score again, to march forward.
Larry Williams
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