Today I want to tell you a rags to riches story on how Chris Gardner went from being homeless, to running his own multi-million dollar firm.
The story is called, “The Pursuit of Happyness”.
It did not only inspire me with my life long goals, but also with my trading…
It started, where Chris Gardner nearly lost everything.
His wife left him, he quit his job as a salesman in the medical industry, he was evicted from his home, was left with only $30 and his goal to run his own multimillion dollar firm.
And in the end, he achieved his dream!
There are so many lessons to this story and today, I'm going to tell you a few trading lessons that I learnt.
Let me explain!
Lesson #1: Focus on your own goals and don’t worry about anyone else!
Everyday Chris had to run from work to find a place to stay at a shelter, just so his son could have a bed to sleep on at night.
Only once Chris washed, fed and put his son into bed, could he spend a little bit of time trying to study for his internship test.
You’d think that this would put him at a serious disadvantage compared to the other 20 interns applying for the same paid position as a stock broker. But Chris kept thinking positively and felt just as capable as any of the other interns.
If you have a trading strategy and you know it works, you need to keep at it and not compare yourself to anyone else…
Don’t worry about how much another trader is making, because you need to think about what you have and how you can grow it.
And so, if you have the basic resources to trade such as, an internet connection, a little bit of money and a winning trading strategy, then you have the same advantage as any other trader in the world.
The trick is to keep thinking ahead, keep following your trading strategy and not worry about what other traders are making. That way with perseverance and discipline, you’ll see that you’ll achieve your trading goals.
Here is a quote that I remember that helps me to keep going with trading…
“Do something that you love. Whatever you’re going to do is going to be tough.”
Lesson #2: Sacrifice in the short term and you’ll gain in the long run!
After Chris wrote his internship test, as he was walking home, one of his bosses stopped him and asked for some money for a taxi.
This was the last $5 Chris had for the day, money that he could not afford to give away!
But with pride, Chris kept thinking about the future and so he gave his co-worker the last bit of money he had.
This reminded me of the initial sacrifices I made as a novice trader.
With trading losing trades are part of the game. And when you first start out trading, these losing trades can actually make you feel like a failure of a trader.
But the trick is not to think about that one losing trade, and rather to think about the countless trades in the future, where your winners will outweigh your losers.
These small losses are the risks and sacrifices you have to make as a stock trader.
And so, next time you take a loser, just think about Chris Gardner and the sacrifices he made, and you’ll see that a little sacrifice will pay off in the long run.
In fact, with his discipline, pride and perseverance he was made an employee of Dean Witter Reynolds broker house. And at the end, Chris Gardner went to become a CEO for his own multi-million dollar company (Gardner Rich & Co.)
Always keep in mind,
“Wisdom yields Wealth”