Saturday, May 3, 2008

The Psychology of Winners

rsAt a recent seminar for investors that I assisted as a coach, the presenter Adam Khoo disclosed secret about winners that I or you wouldn't have otherwise known. These were his exact words "Success is 70% Psychology and 30% Knowledge,Skills,Tools etc"
Adam Khoo is a self-made millionaire by the age of 26,CEO of Adam Khoo Technologies and other businesses with a combined turnover of 20m, and a best selling author.
He and Conrad Alvin Lim, my trading guru are the authors of "Secrets of Millionaire Investors", a Singapore best seller. Conrad's story is an amazing story of a man who not only pulled his life from bankruptcy on track within record time but also took on the mantle to create great traders like him out of novices.I consider it an honour and privilege to be associated with these two great men and getting the opportunity to learn from them.

"Success is 70% Psychology and 30% Knowledge,Skills,Tools etc"

What this means is even with the whole knowlege in the world, intelligence, talent, tools you still cannot achieve success unless you have the right psychology. That explains why there is only one Bill Gates or a Warren Buffett in billions. Does that mean you or I can't be that ? Yes we can if only we have the discipline and psychology that Bill Gates and Buffett have. The difference between them and us is that they play to win. Well of course everyone plays to win,no one plays to lose. Yet 99% of the time we enter into a new venture not wanting to lose.
Lets see what we do when we encounter a failure.We find all kind of excuses to reason for failure .e.g., I tried, it doesnt work . I can't do it. Its not meant for me. When winners encounter a failure they don't go down giving excuses but say thank you and learn from their failures. When encountered with a failure, they change their strategy like we saw in the last post.Prepare a plan, put it into action. Achieve results, good or bad, learn from them. Continue to do this till they get what they want. After failing 99 times in attempting to invent the electric bulb,Thomas Edison said I now know 99 ways how not to create a light bulb. Like they say, the darkest hour is just before dawn. Yet when everything looks bleak we give up. Winners don't give up, they go back to their desk and come back with a new plan.That exactly is the difference between winning and losing. Many a time my own light dies out and I want to give up. But I dont wanna die(lose), I wanna win. Thats why I am sharing my ideas and plans with you all. In the darkest hour when I want to give up, maybe one of you will light me up and push me forward to go for it.Yes, it is your own discipline and commitment to achieving your goal is what will lead you to your goal.So do not fear failure, embrace failure like a hero and come back with a fresh start.

The question is how you ensure that you remain committed to your goal. Like we said earlier, declare it to the world and put yourself on the line. Make your goal a MUST for yourself. I have personally felt my strength, abilities and achievements enhanced when faced with adversity or challenges or compulsive situations. The reason why most winners achieve what they want is because they are Driven by Strong Purpose. So create the purpose, why you want what you really want. When you think abt the purpose, this purpose will inspire you to achieve your goal.Your purpose could be anything , to give your family a better future, buy an expensive house or car for yourself, go on a world tour, do something for the community like a school, hospital etc.

The more you delve on your purpose the more you will be driven to achieve your goal.

Check out the below link for some interesting videos for insight into Psychology of Winners from Robert Kiyosaki, the author Rich Dad, Poor Dad.

Njoy !

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