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Trading For a Cause

Smita Sadana Dec 23, 2008 3:15 pm


		A trader's New Year's resolution.

So, here’s the tip I promised to share: Find something in your life that matters and dedicate the pursuit of profitability to that cause. The dedication could be made to someone (a spouse, child, parent, grandparent or pet), to something (a thought, an ideal, a charity mission) or against a disease (diabetes, cancer). All that matters is that it's meaningful to you. The spark for success in any field is lit by a cause.

I often say trading is the only endeavor where the number of years spent behind a desk doesn't automatically guarantee a promotion, and seniority only means you've learned from more mistakes. It's the only profession where you need the tendency of a whacked mole (from those Whac-A-mole games at the arcade). In other words, you need to be able to get back up after every loss, unaffected and ready to move on to your next trade.

You still need to keep track of your failures and successes, but failures won’t hold you back - and success won't go to your head since you’ll be dealing with something bigger and more important than you own life.

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Now that you've got the psychology aspect of the market down, the next step is money management. Just as the marathon runner adheres to a strict regimen, you'll need to stick to strict rules when it comes to managing your money. Again, the dedication to a cause becomes the fuel for the tough journey (this year the journey has been exceptionally tough for most).

My initial motivation for getting into trading was a shimmering glass ceiling - in a profession dominated by men, Wall Street was a challenge that beckoned and kept me going. Then, a few years ago, I lost both my parents in separate accidents. From that moment on, my trading took on a new life, inspired by their belief in me. What better way to commemorate someone dear than to do well in a chosen profession, and to help others succeed along the way?

In 2009, dedicate your resolution to be a better trader or investor to someone or something that really matters to you. In fact, take any resolution that you’ve been making and breaking all this time and color it differently.

Dedicating any tough endeavor to a cause works. Just ask Todd.

Best wishes for a joyous, healthy and prosperous 2009.


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