Option Millionaires

[jim1234]

The Power of Tenacity for those that are Discouraged

http://www.forbes.com/sites/brettsteenbarger/2015/05/08/tenacity-and-the-investor-an-interview-with-charles-e-kirk/

Brett: As you reflect on the traders you have trained who have become successful, what would you identify as the factors that most contributed to their success?

Charles: Those who have become successful in my experience always have a high level of tenacity. Those who fail, in my experience, do not. It is the one universal element that I have discovered when mentoring others as well as in my own personal experience.

Brett: How would you define tenacity?

Charles: Tenacity is the ability to not give up in spite of difficulty and results from any activity that are not desired. It is the ability to persist with determination toward something tirelessly and with absolute perseverance to the point that failure is not an option. It is the ability live through intense struggle, to see consistently poor results for long periods of time, and in spite of that, still keep learning and improving on working on your trading with tremendous enthusiasm in spite of those results.

Brett: That fits well with Angela Duckworth’s research on grit. She found that two psychological factors predict success: grit, the ability to sustain effort in the direction of goals; and self-control. Tenacity requires both. Do you think people can learn to become more tenacious?

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Charles: Yes, the good news for everyone is that tenacity is not something you are born with. Those who have tenacity, all had to learn it, and it was most often from their parents, teachers and coaches at an early age.

Back when I was a child, my mother wanted me to learn piano lessons. She always wanted to learn how to play the piano, but was never financially able to. So when she had me, one of the first things my parents did was purchase a piano for our living room. Throughout my childhood and, until the very day I left for college, she demanded that I go to weekly lessons and practice a half hour each and every day. There were no exceptions to this rule. No matter what was going on, there was always time for piano or there was no time for anything else. Many times I challenged her on this and she always won. To this day, she is still the most tenacious person I have ever met and her tenacity over time rubbed off on me.