Many of us have been mistakenly taught in our childhood (and then reinforced in school) that our successes and failures depend on our efforts.
In fact our society puts a premium on this “culture of doing” – the “Just Do It” culture – and idolizes the doers / Type A’s of the world.
Unfortunately in trading this emphasis on “just doing” rarely works.
Don’t get me wrong there is a place for determination and effort however often times in our rush for results we skip the lessons and try to go straight for the outcomes.
So what’s wrong with trying harder?
There’s absolutely nothing wrong with trying harder.
Yes it’s true some traders don’t want do the work and just want the rewards, they are more enamoured with the lifestyle that trading can afford than trading itself.
However from the bulk of traders I’ve coached and from what I’ve seen in my own trading rarely are failures related to just a lack of effort.
Just the opposite as a whole i think traders are some of most motivated and determined group of people i’ve known.
However here’s the underlying issue as it pertains to traders, efforting is not enough because for most traders there exist gaps in capability and capacity.
That is know-how and ability to execute.
You see implicit in the idea of trying harder is the assumption that some actual evaluation of the process and results is being taken and that a new corrective course of action is also being taken.
After all experience is nothing without reflection, or in the words of John Maxwell, “it’s not experience that counts it’s evaluated experience“.
Unfortunately many traders lack the skill development strategies to properly learn from their experiences and they bounce from painful experience to painful experience.
Usually what it boils down to is an underlying tactical, mental, or methodology (or combinations of the three) trading flaw that is occurring which isn’t being captured in a proper feedback / review / action loop.
“The experience will repeat itself until the lesson is learnt. Learn the lesson and the experience will go away.”
If you don’t have a proper learning strategy to deal with you failures then you are bound to repeat them. Can you say Groundhog Day?
Ultimately this leads to frustration, desperation, and ultimately failure.
Having the proper learning strategy is the difference between you having a failure and you being a failure.
A lot of this may be common sense but unfortunately it is not common enough practice.
So don’t forget to join me on December 15 for the webcast titled “Why Trying Harder Doesn’t Make You A Better Trader – How Gaps In Your Learning Strategies Are Holding Back Your Trading Progress” where I will review key concepts around skill acquisition and help you fill in the learning gaps that may be blocking your progress.