By Michael Radkay
Have you ever been in a situation where somebody told you to do something and you didn’t do it and the outcome would have been outstanding? You might even hear the person saying; “I told you so! How about the times you took the advice and it was absolutely the wrong thing to do? How do you feel at those moments? Generally it feels like in both circumstances that you got punched in the gut. You didn’t even want to be a boxer but the financial gut punches thrown around in trading at times sure can feel like you are in the ring. Second guessing yourself takes so much energy. Should I? Shouldn’t I? Maybe, I don’t know, I think so, Are you going to do it?
I bring up this point because whether you take somebody’s advice, right or wrong, it’s their advice. You are off the hook. The problem becomes that when you don’t invest anytime in learning for yourself that you will always have to rely on that advice. Gotta get me some of that Guru, right? Personally I would rather receive some tips from somebody who knows and then get my butt in the game and do it myself. You will never reach any of your trading goals, if you don’t start making some personal calls yourself, acting on them and hanging in there for the result. Do you think Michael Jordan kept asking his college Coach Dean Smith to tell him how to shoot the ball? No! He learned the game and took it to a new level by trying, failing, trying and succeeding. Do you think Warren Buffet calls his Finance Professor and asks him about Supply and Demand? He understands the business and took investing to a new level by trying, failing, trying and succeeding.
Believe me; there is no greater feeling than making the call, acting on it and it paying off! That is such an adrenalin rush! The winning idea eclipses any calls that you may have made prior that resulted in loss along the way. This is the same path that has lead us to accomplishments in the investing arena. We have learned what to do and what not to do from earlier punches, adjusted our technique and have grown. We look back at what was once thought of as painful to now view it as a treasured lesson that we wouldn’t change for the world.
I’m not telling you to put your hand on a hot stove literally, but you have to put it on there in order to know what you are dealing with. It will eventually happen anyway when you work around fire, so start building the callous. Showing up to class and listening isn’t going to get it done. You will never be dismissed from the daily gut punches that will be thrown at you along the way if you want to be the one calling the shots. Instructors can tell you to duck and give you tips to strengthening your core but you will need to get in the ring eventual. When you get in the professional ring whether its trading or any other business you are competing with the best in your field and you will have to at some point withstand a 15 round bout.
Whatever you decide to try; you can’t win, if you don’t play!! Prosperity is at your fingertips! All you have to do is grab it!!
Trading Commodity Futures and Foreign Currency (Forex) contracts may not be suitable for all investors. You may lose a substantial amount of money in a very short period of time. The amount you may lose is potentially unlimited and can exceed the amount you originally deposit with your FCM. The material on this website is intended for educational purposes only.
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