Monday, March 16, 2009

My Next Step

Solid day. pre commission I'm over the top performer line. After commission I'm just under. Traded one them high dollar stocks today and pretty happy with the result. I had a plan and I stuck with it. Got away with some revenge trading though so I'll have to watch that since I'm pressing a little bit to be in the green to free me up the rest of the week.

I had a chat with Jane, who is now the head of our trading floor after the close about getting to that next level. I was sharing with her that at this point, I don't think the key for improvement is not in the knowledge, now it's some of the more intangibles. In Dale Carnegie training we were talking about there's knowledge, through practice it translate into your attitude and further cement into skill and you start over again. When it comes down to it, knowledge only accounts for 15% of someone's success.

I know there are no silver bullet, no magic formula that somebody is going to say to me and immediately the next day I'm just going to get it and make a lot more money. At the same time, if there's anything that I can do to speed up that process I'd like to know. I kind of expected what Jane is going to say and it was going to be an answer that I didn't like, which is that it takes time. The best thing I can do now is to congratulate myself on how far I've come, build on that confidence. It's very much a mental game from here on out.

I'm starting to talk to some more HP's now, but I want to spend some more time thinking about questions and mental or psychological aspects to discuss with them.

1 comment:

1 said...

...When it comes down to it, knowledge only accounts for 15% of someone's success...

Going through your comments backwards makes for an interesting perspective, especially now seeing how you might get a wee bit dismissive over my take on the importance of confidence ;)

If one has the clarity to know that 9x8=72, how much confidence does it take to bet some money on "72" being the the correct answer? But ask a two-year-old to tell you the answer and bet her dessert on her answer being correct.. If she loses her dessert, will it be due to lack of confidence or lack of clarity?

Likewise, if you had absolute clarity of the market, would you still believe that your clarity (somewhat akin to knowledge) only accounts for 15% of your success in predicting whether XYZ will go up/down?

Did a Google search on the 15% theory. Did turn up an interesting hit on persuasion

Unless '2' comes back or '3' pops up, I'll be leaving you for a while. Thanks for the thoughts. Have fun trading!