Sinan Koray |
Whose opinion is more important to you, yours or someone else’s? Are you inner driven or outer driven? Your answers to these questions will determine your trading success or failure.
Warren Buffet says: “If the world couldn’t see your results, would you rather be thought of as the world’s greatest investor but in reality have the world’s worst results? Or be thought of as the world’s worst investor when you are actually the best? The big question about how people behave is whether they’ve got an Inner Scorecard or an Outer Scorecard.”
Let me give you a typical dialogue:
- I need to know what to trade. Can you tell me? Which stock, which commodity, which currency should I trade?
- I can give you guidelines but you need to make a decision yourself.
- You do not understand. I want an answer. I want a definite answer. What should I trade?
- I am giving you an answer. You need to find the answer within. You need to find out the basics of each market and find one that suits your needs and wants.
- Look, I want an answer. What should I trade?
- I am giving you an answer. You have to find one yourself.
In times of fear and panic, in times of high emotion, people look outside of themselves. They lack self confidence. They look for an external authority for answers. They want to pass on the responsibility onto another person, an advisory service, a broker or a fund manager. While there is no harm in listening to others, taking their opinions into consideration, you ultimately make your own decision.
Who will look after your money best? You or an outsider? Would you prefer someone else to pick trades for you? If they do and you lose money, what reaction will you have? Will you blame them? If they do and you make money, what reaction will you have? Will you give them credit?
David Bowden says: “I have yet to meet a Super Trader who does not automatically accept full responsibility for his or her own actions!” When you are inner driven, what happens outside may get your attention, but will not sway you from here to there with every piece of information you get. These chunks of information may agree with you, or disagree with you. Either way, your inner flame never flickers. For example, if you were a SharesBulletin subscriber, you will know that Tom Scollon has maintained his view of staying in Cash for a long while now, despite all the economic interventions, short selling bans, good news and bad news. Is that an example of an Inner Driven Trader or an Outer Driven Trader?
Success leaves clues. Follow successful traders. They have knowledge, experience, wisdom, confidence, and it comes from within.
Believe, achieve
Sinan Koray
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