I frequently share inspirational quotes with my membership and one of my favorites has to be this:
“First, you decide what you want specifically; and second, you decide if you’re willing to pay the price to make it happen, and then pay that price.” – Nelson Bunker Hunt
What a terrifically true and powerful statement. If you had the privilege of knowing some of the most profitable and successful traders in the world as I have, you would quickly figure out that each and every one went through this process and ultimately made made numerous sacrifices to achieve the level of performance only others could dream about and many think is simply impossible. Yes, these are traders who are making over $500K a year if not several times that just trading their own money independently.
While so many in this business want others to think it is easy for them, that they’ve somehow become smarter than the market, and/or that everything they touch easily turns to gold AND that they are just the person to show you how to do it provided that you give them money (If you are unfamiliar read Ritholtz’s Investor Types To Avoid), I’m going to let you in on a little secret that I want you to always remember – there are no magic secrets to successful trading and investing!
The reality is that to be successful you must work really hard for a very long time and consistently make huge sacrifices to improve yourself so you can give yourself every opportunity at success. Yes, it is that simple and so difficult at the very same time. As my late father often told me “Anything worthwhile is not going to come easily or by chance….you simply have to work at it as hard and as often as you possibly can and, even then, you will not win all of the time.”
In the many years I’ve been mentoring others, I have learned all too painfully that while many have the desire to be successful in the markets, when it comes right down to it most do not fully understand and appreciate that they must also make tremendous amounts of sacrifice to achieve the goals they’ve set. Yes, they may give it a good try for a little while and dedicate themselves when things are working well and the markets are cooperative. But, when times get rough, their strategies are out of sync, and they experience painful demoralizing defeats as we all do, these same people give up on themselves and the goals they’ve set. Based on recent emails I’ve received, recent market conditions have already caused many to give up and quit.
Whatever it is that you want, both from the markets and in life in general, do yourself a favor and please figure that out first and then decide if you’re truthfully willing to pay the price and make the sacrifices that you’ll need to take to make it happen before you start that journey. That way, when the tough times come, you won’t bail out but instead you will step up and do what is necessary to stay on the right track.
For me, this was always the easy part as I knew that I wanted to trade for a living and to do it to the very best of my ability. As my members will tell you, the intense efforts I put in every day also show by clear example the level of commitment and enormous sacrifices I have made and continue to make to achieve my success. Although at times I have wondered if it is all worth it, in the end, the decision was clear and my commitment remains. To achieve my goals I must continue to make many sacrifices and work like crazy, but so far it has been well worth it and given me every chance of success. In the markets – that’s all any of us can ever hope to expect!