Mastery isn't measured by the number of bad things you eliminate ...
but by the number of times you eliminate calling them bad.
Many of our biggest innovations or course corrections take place after a seemingly disastrous occurrence. That's why lots of psychologists and self-help gurus encourage people to focus on the hidden gift that many of these experiences provide.
It's there if you look for it.
Examining several instances from my past, Here is a list of the seven steps I use to transform almost any situation.
Seven Best Practices for Uncertain Times.
- Accept Reality: We are where we are. Focus on being complete with what happened before this, and think about this as a new beginning with an even bigger future.
- Do Something Positive: Take action and build momentum and confidence. Big wins are great. Yet, in scary times, even small items are worth noting and building upon.
- Take Care of Yourself: Increase your physical activity, meditation, and massage. This is the time to eat and sleep well. Many studies show decision-making suffers when you're stressed. Taking care of yourself goes a long way to making a lot of other things better.
- Communicate More: The natural tendency is to hide or to recuperate in private. Instead, be open and receptive to help and ideas from friends, partners, or wherever it comes from. (Though you may want to do it digitally with the COVID-19 scares)
- Creative Destruction: The old game and the old ways of thinking are over. Shift your energy to what is working.
- Increase Your Options: It often takes a different level of thinking to solve a problem than the level of thinking that got you into the problem. So, be open to new opportunities and new possibilities.
- Choose a Bigger Future: Instead of resigning yourself to playing small and doing with less, recognize that the clearing creates space for something even better. Choose what you want, plan it and stick to your process.
They say everything happens for a reason. The secret is that you get to choose the reason, what it means to you, and what you're going to do about it. Choose well, and someday you could look back on this time as one of the best things that ever happened to you.
What Can My Dogs Teach Us About Trading?
I wrote this back in 2008. With minor updates, it seems relevant again.
At the other end of the spectrum are our two small dogs, Boo and Jasper. Boo, our 20-pound mix between a Beagle and a Boston terrier. Let's just say that he has a higher metabolism than Duke.
When Boo hears a noise, he lets out an involuntary, barely audible, sound. His body becomes rigid and his head cocks. He becomes alert and carefully tunes his ears to their most sensitive setting, seeking any information that will help identify the "danger." He's now primed for the next intrusion.
Usually, there are no other disturbances to follow, and the noise is cataloged and soon forgotten. His alertness level slowly subsides over the next 10-15 minutes or so. He'll go back to napping, a little more fitfully this time … and just a little bit on edge.
Things get a little more interesting when another noise surfaces shortly after the first one. What could once be dismissed now must be treated as a threat – and just to be safe, a threat of the highest order. Now the appropriate response is a series of barks, nervous glances, pacing, rushing off in the direction of the noise to investigate, and a barrage of barks meant to sound more menacing than the source of the noise. Who or what is it? How much harm can they cause? How grave is the threat?
Jasper, our high-anxiety mutt, is never off alert. He doesn't know what's a threat, and what's not, so he's always creating threats out of nothing and riling up our other dogs.
The same thing happens in the market with people.
In the market, it is the second noise - and subsequent noises - that creates the equivalent of the Homeland Security "Red Alert." Once an elevated level of alertness has been established, it takes a long period of relative calm for it to subside. And when on "Red Alert" … any additional noises (for example, the responses of the other market participants) - big or small - will highlight, magnify, and further validate the issue.
But, like in the story "The Boy Who Cried Wolf," even legitimate threats are ignored after too many false alarms (or prolonged periods of constant alert). So, bad news about the economy isn't as likely to get people excited after the past few weeks.
As people (or bots) become "used" to today's new normal, It'll be interesting to see what sprouts up. The longer away from the initial episode, the more real the effect can be attributed.
The unfortunate reality is that the Boo and Jasper style "overreaction" to a crisis can exacerbate the long-term effects of the crisis. To balance that, on the macro level, a stronger pandemic response has been shown to increase economic recovery.
This has been the theme from the beginning. Don't personally panic, but respond aggressively on the city, state, and national level.
Food for thought.
Posted at 07:06 PM in Business, Current Affairs, Ideas, Market Commentary, Personal Development, Science, Trading, Trading Tools | Permalink | Comments (0)
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