Whatever Happens, Take Responsibility

You must take personal responsibility. You cannot change the circumstances, the seasons, or the wind, but you can change yourself. That is something you have charge of. 
Jim Rohn

A most important attribute of successful people and successful investors share is simply; no matter what happens they take personal responsibility. They operate on the belief that they create their world. The phrase you'll most often hear is, "I am responsible, I'll take care of it."

Most of you I am sure, at one time or another, have purchased a stock based upon the recommendation of a stockbroker, a friend, investment newsletter, or in the modern age a web site or web blog. I am also sure, that like myself, sometimes those ideas do not work out and result in a loss. Most stockbroker's, investment advisors, newsletter and web authors are honest, hardworking individuals. They are merely conveying to you what they honestly believe to be an outstanding investment idea or trade, at least at the time. The one, however, who has the ultimate responsibility is you. You bought into the argument, the idea, the concept; you bear the responsibility, regardless of the results. No one held a gun to your head when you acted. The position you are in, you created, if not by your physical actions, maybe by the level and tenor of your thoughts (fear and greed come to mind). 

If you don't believe that you're creating your world, whether it be successes or failures, then you are at the mercy of circumstances. Things just happen to you. You're an object, not a subject. If that is what you believe, its time to look for another culture, another world. Why be here if you're just the product of random outside forces? 

Taking responsibility is one of the best measures of a person's maturity. It is also an example of beliefs supporting other beliefs, a coherent system of beliefs. If you take responsibility, you are in control, and if you are in control, you will succeed. 

"Those who take responsibility are in power. Those who avoid it are disempowered" - Anthony Robbins. 

Dan Rather once said John F. Kennedy became a true leader during the Bay of Pigs incident, when he stood before the American people and said that the Bay of Pigs was an atrocity that should never have happened, and then took full responsibility for it. When he did that, he was transformed from an able young politician, to a real leader. He didn't choose to blame circumstances or advisors or anyone but himself.

By retaining responsibility, you retain the power to change the result you produce. The next time you have a bad trade, take personal responsibility for it, and learn from it. Avoid at all costs blame. Remember, it is not a failure, it is a learning experience, its feedback.

The Pieces of the Puzzle

Sometimes life hits you in the head with a brick. 
Don't lose faith. 
Steve Jobs

When most young children are given a puzzle to solve or put together that is especially challenging, most will make a good effort at solving it, but if unsuccessful, will soon lose interest and abandon it. Some will even become angry at their failure to solve it and may throw a tantrum.

Contrast that with the experienced puzzle player (Editors Note: read experienced investor / trader) who proceeds to put the puzzle together with an air of certain confidence that they will complete it. They know that they have all of the pieces of the puzzle before them so it is only a matter of finding out which pieces work where and once that’s done the puzzle will be complete. Putting a piece in the wrong place is not a cause for concern, it is simply another step toward putting all of the pieces in their proper place.

I think of all the times in my life when I acted like a young child in dealing with the current markets or investing puzzle. Instead of turning over and trying the next piece, I got angry and walked away from the puzzle, seeing the puzzle as a problem instead of as an opportunity.

Napoleon Hill, author of the classic Think and Grow Rich, knew Thomas Edison and Henry Ford personally. He said of both men that the ONLY thing that was different about them from everyone else was their persistence. Which gives rise to an interesting thought. Where would our civilization be today if either man had treated his puzzles like the impatient young child?

If you don’t have all of the pieces of your puzzle on the table, then stop, identify them and get them on the table before proceeding. If, however, you’ve got them on the table, then take the approach of the experienced puzzle player (investor). When they don’t fit --- don’t quit --- try another piece or move them to another place. While you’re at it, learn another valuable lesson from great puzzle players. They don’t just enjoy completing the puzzle, they delight in putting it together.

Napoleon Hill thought Persistence was a pretty important key to success --- he used the word 97times in Think and Grow Rich and he devoted an entire chapter to it. Some of his wisdom includes, "The majority of people are ready to throw their aims and purposes overboard, and give up at the first sign of opposition or misfortune. A few carry on DESPITE all opposition, until they attain their goal. These few are the Fords, Carnegies, Rockefellers, and Edisons. There may be no heroic connotation to the word “persistence,” but the quality is to the character of man what carbon is to steel.”