7/14 LA Times Magazine article titled "Failure"
- Thread starter ddog
- Start date
Well said !
Having been both a researcher (mathematics) and an entrepreneur (started a few companies), I've found that it's extremely useful to look at failures and mistakes simply as "data". That is, I now know what other approach/business etc. doesn't work.
That is exactly one of the most important qualities in good traders: determine what works, what doesn't work, what has stopped working, and simply adjust. It doesn't make it right or wrong ... it's simply "data".
Don't have much to add really, it was well written and interesting, grateful to ddog for pointing it out
Noticed a while back in all the mwizards books that every single one either blew up early in their career, had to deal with some kind of trainwreck scenario later on in their career, or both-adversity and pain are so common in the trading game that realism, toughness and resiliency aren't just nice things to have, they are critical survival traits
Great article. Failure does seem to be a common trait among successful entrepreneurs. Even Livermore went broke a number of times early in his career.
The question I'm still trying to figure out; is failure the cause of success later or is it the cost of doing business, so to speak? In other words, does failure contribute to an individual's success later or is success dependent on an individual's ability to handle failure?
The question I'm still trying to figure out; is failure the cause of success later or is it the cost of doing business, so to speak? In other words, does failure contribute to an individual's success later or is success dependent on an individual's ability to handle failure?
From 7 Habits of Highly Successful People:
"A mistake isn't if you learn something from it"
Michael Jordan after winning the NBA MVP:
" A true champion doesn't win the MVP and say I am the greatest of all time I think I will take it easy. A true champion asks himself how he can get better".
I think the most common trait successful people have is they NEVER stop trying to improve at what they do.
Thanks all for your replies.
"A mistake isn't if you learn something from it"
Michael Jordan after winning the NBA MVP:
" A true champion doesn't win the MVP and say I am the greatest of all time I think I will take it easy. A true champion asks himself how he can get better".
I think the most common trait successful people have is they NEVER stop trying to improve at what they do.
Thanks all for your replies.