* It's a Marathon, Not a Sprint: You don't have to finish #1 to have a very successful career, and some top finishers have short-lived careers. Check out Chris Daughtry.
* Many Are Called, Few Are Chosen: For every Idol, there are many deluded wannabees. Know your strengths, and go with them.
* Be Yourself: Much of success comes from picking the right song (market, trading style) and making it your own, rather than mimicking others. Check out David Cook.
* It Takes More Than Dreams: Some of the worst tryouts are contestants with the loftiest dreams. Without talent and skill, dreams are mere fantasies.
* Listen to Feedback: The verdicts of the markets may sound more like Simon than Paula, but they provide important information for the next performance.
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4 comments:
Should the day that I watch American Idol arrive, then please shoot me.
I'm currently reading a book called "A Whole New Mind" by Daniel Pink, and I'm now reading the chapter on "Desing".
Daniel Pink makes a good argument that in today's era of abundance (abundance of labor, or poplulation, and the ability to make standard material things), in order to be able to separate your product or service from the herd, your product or service must not only possess "utility", but "significance" as well. If you produce tables, your table must stand up properly and be able to support its weight, which is "utility". There are many people and companies that can make this type of table - your competition. To make your table more desirable than your competition, your table must also possess an aesthetic appeal that transcends basic utility or functionality, which is "significance".
In the entertainment field, your product is yourself and your talent. There are many people who can sign in-tune, keep the proper beat and remember the words to many songs. In order to be a successful entertainer, you must also possess an aesthetic appeal that others do not possess. Finding that appeal typically requires many years of trial and error, constantly analyzing the results of your efforts, and the attitude on never wanting to give up the search for the "Holy Grail" of entertainment.
You have to constantly be trying to find new ways to be creative, think of new ideas and have the courage to expose your ideas to the public. If it does not work, you cut your losses quickly and try something else until you find something that works.
Charles
Hey Charles,
Your point about the need to find fresh ways to be creative is very applicable to entertainment and markets. And, yes: cutting losses quickly is a formula for life success, not just survival in markets. Thanks for your comments--
Brett
Hey Brett,
Brilliant minds link alike - or borrow from each other. :-)
Just the other day I wrote Good Trading Doesn't Happen Overnight, which follows a similar theme to what you're saying here.
John Forman
Author - The Essentials of Trading
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