iit’s all about commitment, discipline, hard work and focus. The results speak for themselves. “The secret of success is that there is no secret.”

Michael Jordan is probably the greatest basketball player I have personally ever seen. He wrote a book titled “I Can’t Accept Not Trying: Michael Jordan on the Pursuit of Excellence” which lays out his rules for success. This book is of interest to us as traders even though we pursue excellence in a totally different profession. The parallels between Michael Jordan’s success and our investing world are astonishing. If you methodically cross out the word “basketball” and substitute it with the word “trading”, you’ll see my point. I’m sure Michael Jordan was not even aware that he was writing a sensational book on successful investing. To excel in trading as in sports like basketball, one must subscribe to the same universal truths. Valuable investment lessons can be gleaned from exceptional individuals all around us.

The one recurring attribute I’ve seen in the clients of mine who become consistently profitable investors, is their wholehearted acceptance of the notion that the secret to successful investing does not reside in some indicator but within the “investor self”. I believe that embracing this realization and acting accordingly has been pivotal in achieving their investment objectives. One of my old trading journals had in it notes I took from a fitness trainer friend of mine. As you read them, try to imagine instead that it’s Peter Lynch talking to you about investing.

  • If you aspire to be the very best you can be, you have to be constantly aware of shedding old habits and utilizing only those training routines that specifically address your weaknesses.
  • It’s human nature to do what you like to do. It’s a lot harder to focus on doing those things that you need to do.
  • Once you know what you truly need to do, you should discipline yourself to do those items first. If you can maintain this kind of discipline, you will achieve your objectives.

In 1993, when Coach Bill Walsh returned from his Super Bowl success to coach again, he gave a talk. He sounded a lot like Michael Jordan – he was a inspiration of “investment wisdom” even though he was talking about football. Of particular interest was his answer to a question about why his star Super Bowl quarterback, Joe Montana, had been so successful. Coach Walsh rattled off seven short reasons.

  • Before each game, Joe Montana spent 75% of his time doing mental preparation for the game.
  • Montana always prepared for the unexpected.
  • Montana paid attention to the small details that others lazily ignored.
  • Montana understood the importance of intuition and actively tried to improve it.
  • Montana constantly visualized successful plays.
  • Montana’s extraordinary preparation before the season and before every game laid the foundation for the calm confidence he brought to every game.
  • Montana used tracing paper to trace plays over and over until every variation was clear. Every option for him was considered beforehand.

Here’s the bottom-line: Don’t just read investment books or listen to trading “gurus”. Powerful insights and lessons leading to more profitable investing can be acquired in unconventional places. You will find these universal truths wherever the pursuit of excellence is happening. You should be constantly asking yourself how your “investor self” can profit from such discoveries.

Closing Remarks

Now, I’d love to hear from you, perhaps your experiences, on this subject.

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With that said, “We have great challenges and great opportunities, and with your help, we will meet them together!” – Jason