How to approach setbacks …
‘If you so choose, even the unexpected setbacks can bring new and positive possibilities. If you so choose, you can find value and fulfillment in every circumstance.’ – Ralph Marston
Today I wanted to write a little about setbacks…
This is something very close to home at the moment.
Light at the end of the tunnel
For the last year, I’ve been setting up an FX brokerage (payments and risk management for businesses and high net worth individuals).
We have planned everything and had our business plan accepted by the people giving us money to start it up.
We started working with the outside firms required to set this up… and we are in the hole for about £25k.
This week, they decided that they needed clarity after telling us to proceed. My partner and I were sent reeling.
‘What do you mean you need clarity? You accepted this months ago and told us to proceed,’ we said.
On Wednesday I was totally down…
Thursday it went to anger…
But today, I actually feel quite happy.
The reason being is that I’ve realised that this is much like trading.
When I used to lose a trade, I felt like I didn’t want to take another one, but if I didn’t take that next one, how would I capture a 3/4R winner, make my loss back and some?
I used to get a sinking feeling in my stomach.
Now I don’t, I just feel elated because I know that I am one trade closer to a win.
It’s like if you’ve ever done sales – you know that if you have a 2% conversion rate, whenever you get a no, you’re closer to that yes.
Trading is a funny game like that – when I first started writing The Trading Point, I mentioned that it’s very stats based and that you should record everything (much like a sales CRM system).
I’ve softened on the stats part as of late because I just know my edge, but by recording and most importantly understanding your losses (setbacks), you can get a sense of how to position yourself next time.
…I still have no idea how I’m going to progress the business, but it is all part of a learning curve and one I am willing to lose out on in the short-term if we manage get to our final goal.
P.S. if anyone has been in a similar situation and got out of it, I would love to hear from you at email@example.com !