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Two Types of Traders
"Ever optimistic, the builder looks forward to the day when..."
Today’s lesson comes from one of the greatest traders who ever lived, Mark Minervini.
The Builder or the Wrecking Ball
This quote has been particularly helpful to me. I keep this printed on a sheet of paper next to my desk and read it once a week. It has helped me develop myself with precision, and I am thankful for it.
It’s a bit long, so I am just going to put this here and let it speak for itself.
There are two types of traders. The builder and the wrecking ball.
“The builder is focused on procedure and perfecting the method. The builder trusts that the results will come if he gets the process right. Mistakes are viewed as teachers, constantly providing valuable lessons in a continuous feedback loop.
When the builder makes a mistake, it’s taken as encouragement: That’s one I won’t make again. Ever optimistic, the builder looks forward to the day when results are achieved—good or bad—because the process is constantly being improved.
The other trader is what I call the wrecking ball. Ego-driven, the wrecking ball is fixated on results; if they don’t come right away, he gets discouraged. If a mistake is made, the wrecking ball beats up on himself or looks for someone or something else to blame.
If a strategy doesn’t produce winning results quickly or it goes through a difficult period, the wrecking ball tosses it aside and looks for a new strategy, never really committing to the process.
A wrecking ball, as you might guess, has tons of excuses and rarely takes ownership of the outcome—and as a result, never builds anything lasting or wonderful.
I work everyday to try and create myself into a builder, and not a wrecking ball.
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