Thursday Notes – Revisiting Lessons From The Greatest Coach Ever

Sometimes … no, make that MOST of the time … it takes hearing things two or three times to hit home. 

And it’s in that spirit that we continue our summer theme of key blasts from the past.

Here’s one of my favorites from about a year ago, especially as it relates to Mr. Wooden’s final comment about being morally and mentally conditioned between — in our business — trading days.

For this trader, there is a 100% DIRECT correlation between being finely tuned morally and mentally and producing superior — or even ANY — trading results.

A lesson that I’ve learned far too many times and unfortunately, continue to learn on a daily basis.

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Lessons From John Wooden – Initially published 6-5-10

His record as a coach was unmatched.

His record as a human being may be as well.

- A 99 year life.
- An 88 game winning streak.
- 10 national championships in 12 years.
- A 38 game NCAA Tournament winning streak
- The best coaching record in the history of basketball.
- A Christian and a gentleman who took the Midwest, one-room schoolhouse values to a west coast campus in disarray and moral decline in the 60′s and changed its world.

With this weekend’s passing of basketball coaching legend John Wooden, let’s look back at some of his memorable quotes — which aptly apply to the world of traders and their coaches — with my thoughts in italics:

Be quick but don’t hurry. Wholesale (a.k.a “profitable”) trading is all about timing. Wait for the wholesale price positioning and only then grab it quickly with both hands.

A coach is someone who can give correction without causing resentment. I can do better here.

Adversity is the state in which man mostly easily becomes acquainted with himself, being especially free of admirers then. Can you say October 6, 2008 or May 6, 2010?

Be more concerned with your character than your reputation, because your character is what you really are, while your reputation is merely what others think you are. Amen.

Do not let what you cannot do interfere with what you can do. Suck at DAX trading? Stick with ES!

Don’t measure yourself by what you have accomplished, but by what you should have accomplished with your ability. As I’ve said before, it’s not greed … it’s maximizing talent.

If you’re not making mistakes, then you’re not doing anything. I’ll simply add that if you’re not making mistakes, then you’re six feet under.

It’s what you learn after you know it all that counts. Been there … and frequent the neighborhood often.

Never mistake activity for achievement. If you think you’re a good hyperactive scalper, does your bottom line concur?

Success is never final, failure is never fatal. It’s courage that counts. Again, been there and expect to visit often.

Winning takes talent, to repeat takes character. Personal lesson learned in 2009.

You can’t let praise or criticism get to you. It’s a weakness to get caught up in either one. Another personal lesson learned from years of public exposure.

Success is peace of mind which is a direct result of self-satisfaction in knowing you did your best to become the best you are capable of becoming. Never let anyone else define your success or peace of mind.

And my personal favorite:

You cannot attain and maintain physical condition unless you are morally and mentally conditioned. And it is impossible to be in moral condition unless you are spiritually conditioned. I always told my players that our team condition depended on two factors — how hard they worked on the floor during practice and how well they behaved between practices. This last quote shows me just how much more work I have to do at this end — on the trading floor and in life.

Please save a seat on the heavenly bench for the rest of us John, as we continue our practice in this pre-season called life.