Friday, January 13, 2006
Getting Comfortable with Uncertainty
A trader who is comfortable with uncertainty has the capacity to stay relaxed in unclear situations and make high probability decisions with a strong degree of conviction.
As a trader, how many times have you asked yourself “Is this the right call?”
If you are like most other traders, the answer should be “nearly all the time.”
How about we break this down and think about it from a different angle.
Let’s consider the possibility that it is NOT your job to make “The Right Call” but rather to make an intelligent, data-point-supported guestimate of what “The Right Call” could be and then monitor, adjust, and possibly liquidate that decision as it develops over time.
Viewing it this way takes the pressure off, doesn’t it? In fact, it may even get you more Comfortable with Making Decisions during Uncertainty.
My point is, like golf, trading is not a game of perfect. Successful traders just don’t waste their time trying to be “RIGHT;” instead they are focused on MAKING MONEY.
Top performers in any field practice their game, establish a plan and TRAIN themselves to execute when the widow of opportunity appears. So why would we think trading should be any different? In the end, winning is not about being right, it is about getting the job done.
Keep your eye on the ball and your head in the game!
-- The Head Coach
Copyright 2006, Doug Hirschhorn All Rights Reserved