Carol Dweck is a professor of psychology studying human motivation. She spends her days diving into why people succeed (or don’t) and what’s within our control to foster success.
She shows the power of our most basic beliefs. How, they strongly “affect what we want and whether we succeed in getting it.” Much of what we think we understand of our personality comes from our “mindset.” This both propels us and prevents us from fulfilling our potential.
There is way of framing your ability that is so powerful. When someone asks you if you are a great trader. The way to respond is to say “Not Yet”.
We should all know that scientific research proves that people who are more intelligent than us with a static attitude towards growth will eventually be surpassed by those of us who have a growth mindset. If we are willing to learn, to struggle, to challenge our status quo then the opportunities for success are unlimited.
I have written many blog posts and delivered many webinars highlighting how hard it is to be a successful trader. I am doing this to guard many of you against the tyranny of overconfidence. The statistics tell the story for me but a lot of you are blinded by the dollar signs so I have taken a vocal approach to highlighting the obvious so you can exercise caution.
With a clear understanding of the difficulty of the task ahead we should learn from Professor Dweck that we may not be the best trader yet; but with grit, determination and hard work we may still become one of the best.