Fri 29 Aug 2008
A Post-Mortem
Posted by ray under Miscellaneous, Generic Success
Last weekend I ran the first retail Habits of Success seminar in Singapore. It’s a no-frills (no lunch, no drinks etc ) about US$290 for 2-days. The aim of the seminar is a simple one: to change the focus of retail traders from the plan (10% of the success equation) to Winning Psychology (60% of the success equation) and Money Management (30% of the success equation).
The aim of the Winning Psychology section is an ambitious one: to teach a method of setting goals in line with our dominant values. This entails identifying our values, creating a Vision based on the values, then creating goals, action plans and a review process. The review process includes a suggested journal template.
The aim of the Money Management section is to create a habit of risk assessment, position sizing and ongoing monitoring of the trade as long as it remains open. I provided an Excel spreadsheet which if followed would provide a template for the attendees.
What I found interesting at the end of the seminar was the probability that I was unable to help around 60% of those attending. A couple had clearly decided that all they needed was a computer black box system to generate winning trades. All I can say is ‘good luck’. With some, nothing I say will shake them of the mistaken belief that all you need to succeed is a ’super-duper’ guaranteed win system.
Of the remaining 60%, the main problem was the thought: “Wow! All this work!”. No matter that I suggested the attendees start with baby steps and build up.
Ten percent of the attendees are on the 50-50 list. They could easily tip one way or the other. I guess the early trades will make the difference. If they hit a series of wins, then they’ll most likely stay the course.
The remaining 40% will make it. Interestingly a good many have not traded before but they are willing to do whatever it takes to attain their dream.
The figures remain true in this first week that I ran the Google Group follow-up. Of 45, 35 have accepted. Of those that did not join, I was surprised by only two omissions (they fell into the 10% category). The remaining 10 all came from my 60% assessment.
Having said the above, I rate this as a highly successful retail seminar. There was a buzz in the room at the end. If indeed we have 30% attaining habits of success, I’d have achieved. I’ll know in 3 months when I send out the evaluation form.
The success was entirely due to Ms Ana Wang’s tireless efforts. In 20 years of teaching, I have never seen participants queue up to thank the organiser. Thanks, Ana! I hope the September show goes as well.
FROM DONNY
What does this blog mean to you? Do you profess to hold Winning Psyhology and Money Management high among your endeavours? Do your intentions match your behaviour - that would be great place to start.
August 29th, 2008 at 3:43 pm
Hi Ray, I was wondering if you could expand upon “dominant values” and “identify our values” please. Are you meaning moral values or value we give to things like possesions or how far are we prepared to go to get success ie murder,crime etc? Or our self value or that success has different meanings for different people? I have found that as i have matured ,my definitions of success have changed from that of when i was younger. cheers baz
August 29th, 2008 at 4:58 pm
Hi Baz
Values are the codes by which we consciously or unconsciously live by. There are the qualities by which we judges our behaviour. The dominant values are the ones that remain constant througout our lives.
For example: the 4 values generally possesed by successful traders are:
integrity
honesty
commitment and perseverance
responsibility
August 30th, 2008 at 2:42 am
Thank you, Ray.
I must say it touches me that this is the first cohort that truly appreciates my efforts to prepare them for the August seminar.
I am also getting advance ‘thank you’ from some for the forthcoming September seminar at SMU.
All this is heartening, after all the stress.
While on the subject of trading well, here is a reminder to be realistic and reward yourself:
Quote
So if you’re a novice or a struggling trader, set yourself up to win. Don’t set overly high performance goals. Set realistic learning goals instead. Break the larger goal down into specific steps, and reward yourself after you complete each one. Focus on skill building rather than performance. Unquote
August 30th, 2008 at 4:10 am
Thanks Ray, I will just cross out,Pillage,Plunder and Debauchery. But seriously,”Do your intentions match your behaviour”, Is a very powerful message.I have been trying to teach a few people how to save money and this deceptively simple yet deep message sums it up nicely. cheers baz