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You Can’t Claim to Be Successful Without CONSISTENCY

Posted on 16 May 2014 by Andrei

This happens in pretty much all industries and ours is no exception. A guy invests in a certain stock or in a few stocks, the results are good and he now claims to be a stock market expert. A person flips a home while the bull market is in full gear and now claims to be a real estate mogul. A person has a few good sales as a domainer and claims to be a domaining pro.

Unfortunately, that’s not the case.

You see, everything is utterly meaningless without consistency.

Let’s assume we want to trade currencies.

You buy euros with dollars.

I buy dollars with euros.

After x months, the dollar is up compared to the euro.

You lost money because the euros you bought with dollars are now worth less than when you bought them and I made money because the dollars I bought with euros are now worth more.

Does that make me a forex guru?

Of course not!

Maybe I’m the biggest idiot in the world and simply got lucky.

For people to take me seriously as a forex trader, I have to show them consistency.

If after we compete this way for 100 times, I am the clear winner then yes, it might be time to take more more seriously but until then, my results are meaningless.

The same principle is valid when it comes to the domaining industry.

Way too many people think they’ve got it all figured out after a successful reseller market flip or end user sale. They end up being confident in themselves for all the wrong reasons and this will most likely come back to haunt them.

Consistency.

That’s the word you have to remember.

There’s absolutely nothing wrong with being confident in your ability to make the right capital allocation decisions as long as this confidence is based on consistent results. Even in such cases, as we all know, past performance is not indicative of future results and that confidence shouldn’t be allowed to turn into overconfidence.

I’m not saying these things to discourage you.

Not at all, I’m simply trying to help you understand that being realistic is of the utmost importance. Way too many bright/talented individuals end up ultimately losing money due to the fact that they thought they had it all figured out. Don’t be one of them.

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4 Comments For This Post

  1. rathead Says:

    WRONG… you can claim anything you want… that’s what the internet is all about.

  2. Andrei Says:

    @rathead: “Don’t believe everything you read on the Internet” -Abraham Lincoln :)

  3. Domenclature.com Says:

    I agree 100%.

  4. Saul Says:

    100% right anyone can make a good a trade on the currency market or stock exchange after all you have a 50% of being right every time hence the allure for many, but the key in any market is having a consistent edge. I once asked a professional poker player if I could beat him in one hand he said of course, I asked if I could beat him in one game he said of course but went on to say if we played for a week or a month he would own my house, my car and all my possessions why? because he has a consistent edge and that’s the only thing that stands the test of time in any market.

 
 
         
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