Apr 2005
How many would agree (or disagree) that one of the most effective motivations a trader can have -- or any individual can have for that matter -- is betterment of self?
If your motivation is money, then at a certain point your motivation will ebb. Either because you've made all the money you could want, or because you've reached the point where fatigue overcomes desire.
If your prime driver is worldly recognition (with money as the measure), then you still run into the wall of "how much is enough"... or burn yourself out on the treadmill of never enough.
With betterment of self as an intrinsic goal, the journey takes precedence. There is no ticker-tape parade, no cheering crowd at the finish line... and no hidden disappointment when milestone after milestone falls short of nirvana. Instead, you get the consistent satisfaction of pride in your work, interest in your surroundings, a little bit of growth each day.
Everyone understands the concept of a retirement nest egg. It's about saving enough money to last the rest of your days. But to live fulfilling lives, human beings need more than financial security; they need a reason to get up every morning. So what about a motivation nest egg? What kind of motivation is big enough to last you the rest of your life? Perhaps betterment of self fits that bill.
What's more, betterment of self is one of the few pursuits that all thinking individuals have access to.
The playing field in life is not always level. Some are born with connections and wealth; others get great genes. Some have the good fortune of powerful mentors in their lives; some simply find themselves, through one way or another, in the right place at the right time. Others are blessed with the drive and talent to blast through whatever obstacles stand in the way. All these things count as edges, and in the big scheme of things, edges are not always distributed equally.
But everyone, no matter who, no matter where, has the ability to pursue betterment of self. It's something all can reach for.
It can also be argued that betterment of self -- or rather, the measure of character that results from its pursuit -- is the only sane way to measure success. Internal benchmarks are the hardest to fudge.
Consider: two men are multi-millionaires. One came from nothing and earned his money the hard way. The other stumbled across his fortune; a lucky business break, a fluke windfall. What is the real measure of difference between these two men? Who they are as individuals.
It's a bit of a trick question, really. The money was a red herring. The diligent striver could be a selfish fool in the areas that really count; the lucky stumbler could be wise beyond his years. Without a measure of character, there's just no way to tell. Financial success is a poor yardstick.
It is serendipitous that betterment of self, a deeply idealistic notion, has real pragmatic application. Consider the classic virtues: honesty, patience, wisdom, discipline, courage, humility, and so forth. All can contribute to better trading results, and ultimately to larger profits at the end of the quarter or the year. Ultimately too, such traits lead to a fuller and more balanced life. (Is that a roadmap to contentment or what?)
Obviously there are a number of useful motivations for trading and investing -- the comforts of financial security, the healthy desire for accomplishment, intellectual stimulation, the value of freedom that cannot be taxed, etcetera.
But it's not always a picnic. Markets can be brutal at times. At the end of the day, what is there to keep you going when the finish line seems depressingly far away? What has the power to sustain you in your travels, no matter how rocky the road, and then to sustain your move to higher levels once the initial version of success is achieved?
Betterment of self is a pretty solid answer.
Paradoxically, the trader who is detached from results can enjoy success more than the trader attached to outcomes. Anyone who always needs "more" to be happy is a slave; anyone truly at peace with their lot is free, and thus able to enjoy life more fully.
Another benefit in pursuing betterment of self is fidelity to worthwhile values. Healthy motivations tend to encourage honesty, courage, and objectivity (traits that beget profit); unhealthy motivations lead to delusion, avoidance, and denial (traits that beget loss). Simply put, there are good reasons to trade and bad reasons to trade. The bad reasons -- arrogance, greed, boredom, desperation, escapism and the like -- tend to cultivate self-deception. He who deceives himself is not listening to himself; over time, this is a recipe for letting problems quietly build until they explode.
Clear-eyed self assessment can be frightening; this is why only a select few make betterment of self a full-time pursuit. As with markets, though, courage and persistence can be well rewarded. Maybe that inner voice, finally paid attention to, will tell you yes, you really were meant to be a trader, or an artist, or a [fill in the blank]. Maybe when you listen closely, the doubt fades away; this is your life's passion, this is where your heart beats, this is who you are.
Or maybe not... maybe a different answer arises than expected. But if so, how could that be a bad thing?
For those on an uncertain road, pursuing betterment of self can lead to surprising revelations -- painful in the short run, freeing in the long run. Wow, is this who I actually am / who I truly want to be? Is this how I define happiness / what I really want from life? I guess I was distracted all this time. Better get cracking.
