Wednesday, August 15, 2007

Five Principles of Growth and Development for Traders

1) The Bodybuilding Principle - You only grow and develop when you work against significant resistance, lifting more than you can comfortably handle. Hard workouts, then rest: a formula followed by all fine athletes.

2) The Process Principle - Work on doing things well and the outcomes take care of themselves. Focus on outcomes and you interfere with doing things well. Process goals spur improvement; outcome goals create pressure.

3) The Feedback Principle - Turning feedback about how you're doing into concrete goals for further work channels your development. Work without goals is like exploring without a map: you spend much time wandering aimlessly.

4) The Strengths Principle - You reach your greatest potential by making the most of your distinctive strengths, not by incrementally improving your weaknesses. What you're good at will fuel your greatest passion and stimulate your highest efforts.

5) Maslow's Principle - You cannot meet your higher level needs for success and fulfillment if your more basic needs go unmet. Achievement at work cannot substitute for love, security, and well-being, but the absence of these can interfere with achievement.


Life's Formula for Success