What does it take to succeed?
What are the secrets of the most successful people?
I just read an interesting article on Scientific American (shared by Adam Grimes of adamhgrimes.com- thanks Adam!) called ‘The Role of Luck in Life Success Is Far Greater Than We Realized‘.
The article explores the question ‘are the most successful people in society just the luckiest people?’ and it has some interesting parables to trading.
In the podcast we’ve had a number of guests suggest the role of luck in trading is perhaps more than we realize, and the Scientific American article shares research that comes to the conclusion that:
“Luck and opportunity play an underappreciated role in determining the final level of individual success.”
So, if studies show luck and opportunity play a bigger role in success than we realize, are there ways we can take advantage of this as traders and put luck on our side?
The article finishes up by saying:
“The researchers argue that the following factors are all important in giving people more chances of success: a stimulating environment rich in opportunities, a good education, intensive training, and an efficient strategy for the distribution of funds and resources. “
The markets are definitely a stimulating environment rich in opportunities, so a good education and intensive training is something traders can utilize to take advantage of luck when it comes along.
And as Roman philosopher Seneca says, “Luck happens when preparedness meets opportunity.”
Luck isn’t just about being at the right place at the right time – it’s also about being ready to take advantage of new opportunities as they arise.
If you want to increase your “trading luck” by building trading strategies that actually work and take advantage of opportunities in all types of market conditions, check out the Building Robust Trading Strategies Masterclass with award-winning industry veteran Bob Pardo, where he shares how he builds robust strategies so you can do it too.
07 March 2018