Be clear about your goal but be flexible about the process of achieving it. (Brian Tracy)
It can be challenging to change our way of thinking. Naturally, we form opinions about people, events and expectations and move forward based on our own logical answers.
But, what if we are wrong? Is that defeating? Are we too set in our ways to make changes, stuck in the mud and unable to do what is necessary? What if the road is blocked on the way to your destination – do you sit there and stare at it or move?
How about Eli Manning reading a defense. If he sees something ‘odd’ he may call an audible. To help our bodies become more flexible we may go to the gym for some classes or just even stretch.
The ability to change and do something different when the obstacles are too much to overcome is not a sign of defeat, rather a sign of strength, having the power and willingness to make the adjustments to get ahead.
Stay committed to your decisions, but stay flexible in your approach. (Tom Robbins)
Trading requires flexibility and nimbleness. Have a bad trade result? Happens too often, doesn’t it? How do you handle it?
How about an unfortunate circumstance where you thought you had checked your risk but some ‘outlier’ hits your P/L hard. How do you make the adjustments to make this work for you? I have been in many painful situations, as have you.
On Jim Cramer’s Mad Money last Friday he stresses some important lessons learned over the years at his hedge fund and prior. I enjoyed the show immensely, I highly recommend this one to you. He learned to be flexible, admit when he was wrong but NOT defeated and to change the shape of his thoughts to be more accommodating to the occasional surprises. This change seems to have served him well.
Be firm on principle but flexible on method. (Zig Ziglar)
As a trader I use some simple methods of technicals and charts to enter/exit my trades. I have survived and thrived for years using the tools in my toolbox, but it’s far from the best.
You’ve heard me say many times that trading is not a game of perfect, and it is so true. What allows me to continue on in the trade, grow and survive is my ability to change and admit when wrong.
Success requires discipline, flexibility but also humility. A big ego is destructive to your mind and your bottom line. Marry yourself to one way of thinking and you’ll eventually find yourself on the short end of the stick.
That which yields is not always weak. (Jacqueline Cary, from Kushiel’s Dart)
Bob Lang is the founder of Explosive Options