"Success depends upon previous preparation, and without such preparation there is sure to be failure."
--Confucious
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"Thanks dad," my teenage son muttered as he jumped out of the car and ran into Krav Maga class.
I chuckled to myself.
My son is not a violent kid... not by any stretch of the imagination. He's pretty big at 6'3" 210 pounds in his mid teens. But he has not lived a life that required him to be able to defend himself, so I enrolled him in self defense training so that he'll know what do if the need presents itself.
So that he'll be prepared for whatever circumstances arise.
The 3 Key Benefits of Preparation
Preparation is the process of making ready beforehand for a specific purpose, such as an event, a challenge, or a task. It's a skill [a tool if you will] that can be learned and improved over time, and it can have a significant impact on your personal and professional success. In fact, the impact of preparation compounds over time... especially if the preparation is for closely related tasks like those of trading. In this blog post, I'll share with you the three key benefits of preparation and how you can apply them to your own life and trading.Benefit 1: Preparation Achieves Greater Results
One of the main benefits of preparation is that it helps you achieve greater results in whatever you do. Preparation helps you produce more... get more... be more. By preparing, you can set clear goals, plan your actions, anticipate potential problems, and devise solutions. This way, you can avoid wasting time, energy, and resources on unnecessary or ineffective activities. You can also increase your confidence and motivation, as you know what you want to accomplish and how to do it.For example, if you're preparing for a presentation on a company or trading idea, you can research your topic, organize your information, rehearse your presentation, and prepare your visual aids. This will help you deliver a clear, engaging, and persuasive presentation that will impress your audience and move your them toward a given trade.
Benefit 2: Preparation Makes You More Agile and Responsive to Change
Another benefit of deep preparation is that it makes you more agile and responsive to change. By preparing, you can be aware of the current situation, the trends, and the opportunities in your environment. You can also be flexible and adaptable, as you can adjust your plans and actions according to the changing circumstances. This way, you can seize new opportunities, overcome new challenges, and cope with uncertainty and ambiguity.For example, if you are preparing for a job interview, you can research the industry, the company, competitors and the position. You can also prepare your resume, your portfolio, your answers to common questions and, if you really want the position, deeper questions that go to "the next level" of inquiry. This will help you demonstrate your knowledge, skills, and fit for the job. However, you can also be ready to improvise and adapt, as you may face unexpected questions, scenarios, or tasks during the interview.
Benefit 3: Preparation Gives You a Competitive Edge
The third benefit of preparation is that it gives you a competitive edge over others. By preparing, you can stand out from the crowd, as you can show your professionalism, dedication, and excellence. You can also gain an advantage over your competitors, as you can offer more value, quality, and innovation. This way, you can increase your chances of success, recognition, and reward.For example, if you're preparing for a business proposal, you can analyze your client's needs, wants, and expectations. You can also prepare your solution, your budget, and your timeline. This will help you create a compelling and customized proposal that will meet or exceed your client's requirements. However, you can also go the extra mile and prepare some testimonials, samples, or guarantees that will enhance your credibility and trustworthiness.
You Can't Go Wrong
Preparation is a powerful tool in life and it's certainly powerful in the trading sphere. It can help you achieve your personal, professional and financial goals. By preparing, you can achieve greater results, be more agile and responsive to change, and make far more money in the markets than you ever thought possible. Therefore, I encourage you to make preparation a habit and a priority in your life. As Abraham Lincoln once said, "Give me six hours to chop down a tree and I will spend the first four sharpening the axe."Stay tuned as I'll talk more about the direct benefits of preparation in the world of trading in the next post.
