I’m a Loser and Proud of It
“If you learn from a loss you have not lost”. -AUSTIN O’MALLEY
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I don’t have to be the one to tell you losing stinks. We’ve all had the crispy taste of loud mistakes on the ends of our tongues. However, losing develops character and has the ability to mold you into a champion, but only if you are willing to embrace loss and learn to grow from it. The single greatest obstacle that will separate you from becoming a million dollar trader or a bankrupt one will be how you deal with loss.
If you think about it from the time we are born till we die all we ever do is lose. We lose keys, money, friends, family members, competitions, lovers, our wallets, our sanity and sometimes body parts. Life is cruel! But only those who understand that in order to achieve something great you must pay a price and unfortunately that price is losing
In reality I have been personally losing on trades since I was 8yrs old. Here are some of my best trading losses and what I learned from them.
When I was 8 yr old, I traded my Schwinn 10 speed for an Evel Knievel bicycle
This was an emotional trade as I was was a huge fan of Evel Knievel and thought this bike would garner me mad attention. Well, Evel Knievel was bitchin but this bike was junk . It only had 1 speed compared to the Schwinn’s 10. The Knievel bike was cheaply made and was uncomfortable and unstuntable with that fake plastic gas tank on it. I eventually took a sledge hammer to that thing after the frame cracked .Lesson learned- looks can be deceiving .Never buy a bicycle with a plastic tank on it.
When I was 18 I traded my 1971 Nova SS for a 1987 Pontiac Fiero
This is probably the dumbest trade I ever made.I mean look at the picture. I got the Fiero cause I thought it was a chick magnet with it’s futuristic look . Sure it was cute and all but that Nova reeked man muscle. It was vicious, fast, downright bad ass and killed the Fiero in looks and performance. If you put a lady in the passenger seat and punched that gas pedal you were sure to get a free white knuckle leg squeezing, I couldn’t say the same thing about the Feiro and it’s high powered go kart engine. Lesson learned- Nothing will get your date closer to you than a 4 bolt main 350 bored .30 over, 10.5/1 engine.
2007 I traded my B.C. Rich Warlock for an Ibanez 7 string.
Okay, this is the sentimental trade. The Ibanez 7 string is a much better guitar component wise and in it’s craftsmanship. Plus, it’s much more expensive. Problem with this trade is the BC Rich was my second electric guitar that I ever owned. I bought this thing when I was 20 years old at a pawn shop for 100 bucks. This thing traveled with me though 6 different bands,12 states and 3 career changes. It was aged like a bottle of good scotch and never let me down. I was so bothered by this trade because I didn’t need the trade in value to buy the Ibanez. It wasn’t a strategic financial move. As a matter of fact I still don’t know why I did this. I was so distraught about it I went back down to the store I traded it to and bought it back for twice the price. Not my greatest financial triumph but worthwhile. Lesson learned- Somethings are more important than money
The lesson in all of this is we will always have to share our lives with loss, lapses of judgement and mistakes. We can’t learn or build anything of substance without sacrifice and loss. The sooner we understand losing is a part of the process and a necessity in the master plan the better you will be able to deal with it. To think that you are just going to march right on into trading and never lose is like thinking you are going to take up snake handling and never get bit. It comes with the territory.
As you move forward in any endeavor remember what you learned from you life’s losses. Remember that every loss will only strengthen your character and make you smarter and stronger both emotionally and physically, not weaker. Even though trading has made me rich I’ve had my share of 5 figure trading losses, failed businesses, missed opportunities and bad investments. I can honestly say I’m a loser and proud of it.
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