The recent post discussed how nosotros tin plough our defeats into development. Since writing that, I received an e-mail from an accomplished prop trader who leads a grouping inside the larger organization. That trader had simply sustained the worst losing twenty-four hr menses of his career. So what did he produce to address the situation?
* He stayed constructive. He wrote a detailed analysis of what he did incorrect in addition to how he volition acquire from the mistakes going forward. His focus was on making certain this doesn’t hap again, non on blaming external forces for his drawdown. He took responsibility, but didn’t rest mired inward self-blame.
* He reached out. He sent his analysis to me in addition to to the heads of his trading shop. His commitment to improvement in addition to learning from the setback hence became public. He asked for a telephone chat amongst me. Done. You tin nation the workhorses from the demo horses, because demo horses volition never demo you lot their ugly side.
* He purpose modeled. This is the best business office of all. He sent his analysis to the members of his team. He used his setback to aid his teammates learn. Instead of trying to await similar a guru, he showed them how to grip loss. That is a lesson far to a greater extent than powerfully delivered than inward whatsoever textbook or weblog post.
I predict this trader volition live on a stone star. By turning his loss into learning for all, he showed leadership, non simply management. And, of course, that could never remove keep happened if his theatre did non promote squad building, learning at the desk, in addition to apprenticeship.
At 1 hedge fund where I work, portfolio managers are encouraged to build out teams past times hiring junior professionals who remove keep special areas of sense in addition to knowledge. Those developing managers add together value to their teams in addition to acquire the skills of trading in addition to portfolio administration at the desk. The striking charge per unit of measurement on their success is unusually high. Why? Because they acquire through apprenticeship, non through a classroom or through unguided sense inward forepart of a screen.
When you lot remove keep a squad in addition to tin acquire from the successes in addition to failures of others, your learning plication is multiplied. Whether you lot operate at a trading theatre or independently, a fundamental to success is surrounding yourself amongst others who are capable of turning losses into lessons. Sharing your experiences amongst others transforms those lessons into commitments.
Further Reading: Managing in addition to Leading Your Trading Business