Humility is under-rated and not discussed nearly enough in the trading world. I for one feel it is about important as any other attribute for a trader to have. If one is humble, both in victory and defeat, the probabilities of success are much higher. If one is not, then, failure looms larger in trader’s work.
I looked at my now small stack of chips, some 825. My nemesis had pulled a rabbit out of his hat, for sure, but that happens. Still, I am steaming. How often does that happen for god’s sake? Damn! I was on my way. Should I ship my chips on the next deal? The pros say so, after all, any two cards can win, right, so they say. If I don’t go all in, can I possibly get back in the game? So he beat you. So what? How often has that happened? Losing is part of the game. No! Focus. Pull it together. It only takes a chip and a chair to play. Okay … Tighten up. Wait. Wait for the first two decent cards to go all in. Lady Luck, you owe me. Now Lady Luck, now pay me back ….
As it happened, I did wait, and when my chip stack fell to 150, Lady Luck did pay me back three times in a row. Doubling up three times boosted my confidence, which elevated my game to another level of aggressiveness, a sort of “I can’t lose” type of play. Both my cards and my play improved dramatically at that point, and something in me changed. I could feel a difference, a change that propelled me forward. I truly couldn’t lose. I began one of those runs players dream about , and just like that, I leapfrogged some 1100 players to reach the final table, just eight wins away from winning a seat in a $750,000 tournament coming up in Florida. Well, this story does not have a fairy-tale ending, unfortunately, as I made a mistake with four players left and went out in fourth place, but it does have a point, actually two points.
The first relates to the comment below. I excerpted it from a longer question I recently received. It is the inspiration for my comments about humility …
… hard to sell and admit that I’m wrong …
Trading, like poker, requires that you admit when you are wrong, and your admission is to let go of your bad trade. Of course, if you have a stop in place, there is no need to admit anything. You already understand that losing is part of the process, ad you prepare for it. Losing happens, sometimes unfairly, it seems, but it happens. You see, if you don’t let go, you “steam,” and in poker, as in trading, that angry emotional state can lead to bad choices and a loss of confidence, which can lead to further losses.
The second point here is almost inexplicable, but I will try. Something happened in that game that changed my whole mindset, and it would not have happened if had I just given up, just shoved in on the next hand, as the pros suggest you should. That “something” flows from my gambling nature. You see, if you really are a gambler, you cannot give up. You fight on because eventually that is the only way to get what you want. Giving in is not an option. You simply have to suck it up, be humble enough to realize that you are not special, bad luck and good luck flow equally among all of us, in principle at least. Now here is the meat of all this … “something in me changed. I could feel a difference.” I cannot be 100% sure of what that “something” is, but what I am 100% sure of is that confidence played a big part in my comeback. It is un-provable, but I believe that the “big roll” gamblers refer to is directly proportional to the belief in yourself and your abilities. I always believe I can still win, even when I lose, and that, my friends, is both confidence and humility melded into one mindset.
Trade in the day; invest in your life …
