When I look back on the 2011 World Series there is one thing that stands out in my mind and I think I will always remember it long after I remember which teams played and which world series it was. It wasn't Albert Pujols three home runs in game 3, something that had only been done before by Babe Ruth and "Mr. October" himself, Reggie Jackson.
While Pujols' display of power was amazing what will stick with me is an on field interview with Lance Berkman, yes that's right, Lance Berkman, after he hit a game tying single in the bottom of the 10th inning of game 6 when St. Louis was down to their final strike. The reporter asked Lance "what's the approach in that spot - what are you looking to do" and Lance replied "Just not try to do too much...I think the tendency there is to over swing...my mentality was just have a good, tough at bat and whatever happens you can be proud of the effort."
How does this apply to trading? I think the similarities are obvious but when you put the focus on results based goals (P/L) it brings added and unnecessary pressure to perform which in all likely hood usually leads to under performance. If the focus is on process based goals, ie "trading smart and trading well" it decreases pressure and reduces performance anxiety which is more likely to lead to an increase in performance.
For further evidence of how process based goals are preferable to performance based goals refer to the work of Dr. Brett Steenbarger. Dr. Brett is a big proponent of process based goals.
After a little searching I found the clip on YouTube. I was going to embed it in this post but ESPN has embedding removed. Enjoy.
http://www.youtube.com/watch?v=dKA_11Tk2_U
1 comment:
It appears ESPN has also removed this clip from YouTube! What a shame :)
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