The notion of grit has so captured the interest and attention of students of success that Duckworth's second factor has gone largely unnoticed: self-control. Duckworth explains: "Self-control is the voluntary regulation of behavioral, emotional, and attentional impulses in the presence of momentarily gratifying temptations or diversions." Grit refers to the ability to persevere over time. Self-control is more of a moment-to-moment, day-to-day phenomenon: the ability to resist temptation and distraction and stay focused on bigger picture goals.
Indeed, Duckworth's review finds that self-control is as central to positive life outcomes as such variables as general intelligence or socioeconomic status. Interestingly, not all who possess self-control also display grit and not all gritty people exhibit strong self-control. It is the two in concert--the ability to weather temptations in the short run and setbacks in the long run--that appear to predict success.
When you see how grit and self-control work together, you can appreciate why so many successful traders are process-driven traders. By focusing on the process of good trading rather than the daily outcomes, traders rehearse both self-control *and* grit. In other words, a process orientation to trading is daily training in the dynamics of success, a kind of behavioral priming. By defining and following a robust process during good times and bad, we literally train ourselves in grit and self-control.
Further Reading: Why Grit is Important to Trading
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