Can traders learn from "The Process" of the most successful college football ever?
Alabama's Nick Saban explains how "The Process" changed the success of his football team.
Nick Saban is arguably the most successful college football coach ever (that is American football). He recently won his 6th national title at the University of Alabama by beating Georgia in overtime with a ferocious 2nd half comeback.
Saban has what he calls "The Process" that makes success more easily attainable for his players/teams. The thought process is also a great mindset for traders.
So what is "The Process"?
As Saban puts it:
The Process is an:
"Approach that we're not going to focus on the outcome. We were just going to focus on the process of what it took to play the best football you could play - which was to focus on that particular play as if it had a history and life of its own."
"Don't look at the scoreboard, don't look at any external factors, just all your focus and all your concentration, all your effort, all your toughness, all your discipline to execute went into that particular play. Regardless of what happened on that play, success or failure, you would move on to the next play and have the same focus to do that on the next play, and you'd then do that for 60 minutes in a game and then you'd be able to live with the results regardless of what those results were."
For traders, we too need to focus on being the best that we can be on each and every trade. If we are to trade, we should do it for a reason or reasons - have a purpose, and focus on that purpose each and every time.
I like to focus on the technicals as they help to define risk and limit risk as well as key entry points that allow for the best possible outcome.
If we win on the trade, great. But even if we lose, that too is great because we know we did the very best. We were committed to "why we traded" and "where we traded", and managed our risk as well. All the bases for success are covered. We just did not win that one trade. That is ok.
I like to "coach" traders, that there will always be another trade where the "market" will agree with us, and we will make more than the loss on the losing trade.
If you as a trader focus on one trade at a time. If you focus on that "Process", you will have a better chance to win in the long run.
Being the father to an American football coach, I have always enjoyed listening to my son Brian's mindset as a coach. Like trading there are a lot of successes and failures in football. The approach to a singular play are similar. Defining and understanding the risks are similar as well. All lead to the overall success in football and as a trader (in the long run).
So, follow "The Process".
Become singularly focused on what you are doing, and you will find that your entries are better, and your wins start to pile up.
For more on Nick Saban's Process, CLICK HERE.