#3 Emotional self-control/resiliency: This is all about how you handle the ups and downs of a challenging career. No matter how good you are as a manager of money, you are going to be wrong a lot. As many of my most successful clients say –“if you are right 51% of the time, that’s all it takes to be successful.”
Think about that – it means you are wrong almost half the time. When was the last time you were wrong that often?
What does emotional self-control and resiliency really mean? The easiest way to think about it is you don’t despair too much on the down days and don’t celebrate too much on the up days. Rather you have a trading strategy and a plan and you stick to it. You adjust based on experience but you don’t over react.
So how do you know you will have emotional self-control? On the Zolio platform, you can demonstrate this skill directly in the way you handle your portfolio over the multiple-month trading period. Our unique trade journal capability, where you can document your thoughts and reactions to your portfolio, give you the perfect opportunity to show resilience and emotional self-control.
Check back tomorrow for Trait #4.