Professional athletes are perhaps some of the most inspiring and honorable heroes we can look up to. Competitive sports and trading are both more mental pursuits than skill at the highest level. In addition to their highly impressive physical capabilities, professional athletes are also some of the most dedicated and hardest working people on the planet. There are a number of things that you can learn from looking at these professionals and you can apply them to your stock trading strategy.
It takes endurance: Sports is an intense cardio workout. Anyone can Play Sports for 30 mins to 1 Hour. But Long time play starts testing your endurance. Trading is the same way. Anyway can throw money into the markets. If you want to trade for a living and consistently make money trading, it’s going to take years to hone that craft. Why years? Name any other profession where you can pick it up and just start printing money in just mere weeks.Many successful traders have the most simplest of strategies but have complete faith in it and keep on following it irrespective of the occasional loss. Failing is not often failure, unless you refuse to learn from it.
They Put in the Time to Train : As a trader, you need to take the same mentality when training, but you need to focus on training your mind. As many athletes will tell you, much of their sport is mental, just as much of trading is a mental game as well. You need to train your mind to not give up when you get stopped out multiple times . You also need to train your mind not allow emotions to influence your decision. This requires a great deal of training and for you to never forget how important your mental focus is with trading.
Never Give Up: In trading, risk mitigation should be your key and primary concern. Do not focus on making money, focus on not losing it. In any Sports, if you can simply outlast your opponent, you can win. Like in Cricket you should want to survive each balls and do not give your wicket and You need to Protect yourself . “I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. 26 times, I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.” – Michael Jordan (#1 NBA Basketball Player of All Time)
It’s a great idea to train with a mentor or coach: Just as athletes have a playbook, traders also need to have their own playbook for how to navigate the market. Before you can be a successful trader, you need to have a strong strategy and you need to study that strategy so when game time comes, you can perform. How will you ever learn the proper way to play any Sport ? Get trained from someone who has experience!
Every successful trader, business owner or boxer has had a mentor. If you don’t have one, get one. Even if you’re already making money! Find someone who is better than you are. You’ll never be the best! Bill Gates and Warren Buffett meet often and they also make sure to spend countless hours reading, studying, asking questions and always trying to improve. Always strive to grow!
They Pick Themselves Up After a Loss
A quote often repeated by sporting coaches is – your best teacher is your last mistake. One has to learn from their mistake and see to it that it is not repeated.