This morning I wrote a piece for attendees to my Habits of Success seminar.

I reproduce part below because I believe the post contains a useful template for success. If you generalize the advice, you’ll see that the response to the questionnaire is found to any call to action:

* do nothing
* do the minimum to get by
* do whatever it takes.

This response we tend to make unconsciously; consequently, when the inevitble results from our chocies, we are surprised by them. The template at least makes us conscious of the choices we are making and therefore their possible results.

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….”For those that did not complete the evaluation: an opportunity for self-discovery and self-awareness is available when you ask yourself and truly seek an answer to the question: why did I not bother to complete it?

The usual excuse is: I don’t have the time. But this is just an excuse. Face the fact that a ‘lack of time’ is another way of seeing that ‘this activity is not high enough on my priority list to do’. So, the question then becomes:

‘if I truly want to become a successful investor/trader, why is any activity that will lead to greater self-awareness not on my priority list? What is it about this activity that I find repugnant or not worth my time?’

For those that did answer the questions but gave little thought to the answers especially answers to questions: 3,4,5, 9, 10,11, 12:

  • First you pat yourself on the back - you at least sat down and took the time to complete the questionnaire. Now go back and reflect on the answers to 3,4,5, 9,10,11, and 12
  • Approach the answers from the perspective:

‘what can I learn about the blocks that are preventing me from taking action - action that will inevitably lead me to what I say I want.’

For those that provided thoughtful and detailed answers: you have in the answers, your own assessment of what has stopped you from succeeding, and what actions you can take to move closer to your goals:

  • If you haven’t already, take one such action daily for the next 30 days - observe the results for 30 days and then evaluate the action. Is it bringing you closer to your vision and goals? In what tangible way? How can you improve the action so that it brings quicker and better results?
  • If the action did not bring you closer, ask: what do I have to change so that the action is more effective? Look at the results - in what way were they unsatisfactory? Once you answer that, you know what has to be changed. Then ask, what may be more effective action?
  • Once you have an idea for more effective action, examine it; ask: what is it about this action that may result in blocks to my success? What environment do I have to create that will increase my probability of success? What do I have to do to ensure that the action is repeated consistently every day?

You now have a new action. Test this action for 30 days, observe, evaluate, come up with a new action; now test this new action etc.

Does this sound like a lot of work? It is. But I never said your journey was going to be an easy one. There is a world of difference between:

  • wanting to succeed (determined to succeed - paying the price and doing whatever it takes to succeed) and
  • wishing to succeed (would like to succeed - attend some courses, read some books, doing whatever I find easy but avoiding any sustained action because that would take too much effort and some pain or discomfort).

Note that the difference between wanting to succeed and wishing to succeed is not the amount of money you are willing to spend. I know persons who have spent A$30,000 and more that fall into the ‘wishing’ category. The distinction between the two lies in your actions - your behaviour - that which you are willing to do consistently and persistently.

I expressed the view at the seminar that next year we’ll probably see a global deep recession environment take hold. We are starting to see that now. The world-wide attempts to deal with the issue will lead to major inflation problems down the track. We are now faced with the choices:

  • we can either prepare for the coming crisis or
  • whine about how unfair the world can be when things become tough or
  • when the problem finally strikes, take unprepared action that lands us in an even tougher economic climate.

The US adopted course (3). Unfortunately their past and present actions will affect us all.

Not point whining, we may as well prepare. For some of that preparation will be to become successful investors/traders.
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