No One Compares to You When Trading
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A watchmaker opened a shop in a small town. Most of the people who lived in this town worked at the local factory. One day, the watchmaker noticed a man who stopped, took out his pocket watch, compared it to the clock in the window, and adjusted the watch. The watchmaker went outside the shop and asked the man, “What do you do for a living?” The man explained he was the supervisor at the factory. His job was to blow the whistle at lunchtime. The watchmaker smiled and said, “I’ve been setting the clock in the window according to your whistle.” Each man was comparing his clock time to the other.
How often do we look at other people and compare ourselves to them! “Keeping up with the Joneses” is a popular catchphrase and refers to the desire to be seen as being as good as one’s neighbors or co-workers using the benchmarks of our society. To fail to “Keep up with the Joneses” is perceived as demonstrating inferiority. Unless we keep up with our neighbors, we feel like a failure.
As a trader – especially those of you who are new to the role – you should try to avoid, at all costs, comparing yourself to fellow traders. Why? Well, for a number of reasons! First – there is no one like you. Each trader approaches his or her trading plan differently, with a mindset that comes from years of history and experience.
Second – If you focus your mind to compare your job to other traders, you will always find someone above you. And your self-esteem will take a beating! What is the point of that?
One of the big reasons we compare our lives is to get approval. In general, especially in the financial world, wanting approval from others is a huge obstacle to growth and profits. It allows others to control how you feel during your trading day. It’s a bit like being puppet and having other people pulling the strings. Your movements and your mental state are negatively affected – never a good thing for a trader.
Eckhart Tolle, the author of “The Power of Now” and “The Flowering of Human Consciousness” says, “Whenever you feel some feeling you don’t want to feel, like neediness for approval from someone then don’t struggle with this feeling. Don’t try to keep it out. Then it will just be further entangled in your mind and possibly even strengthened.
Instead, accept the feeling. Say yes to it. Surrender and let it in. Observe the feeling in your mind and body without judging it. If you just let it in and observe it for maybe a minute or two something wonderful happens. The feeling just vanishes.”
When you stop comparing yourself to others, you will find a greater sense of calm and freedom.
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