“Don’t be so hard on yourself when things go badly and don’t be so proud of yourself when they go well.”
Simple yet the most difficult advice to follow!
The time your trades gave you a 25% profits in an hour. The time your hire went on to change the course of the company. The time you met your partner of dreams. Or the wild bet you made and how it worked out beautifully.
None of these make you a ‘great’ decision maker.
Annie Duke (Author of Thinking In Bets) gives the example of having a King-high Straight Flush, one of the strongest hands in Texas hold’em, and yet lose all your money. The odds are 1.5 million to 1. But you could lose it all!
That’s why it’s important to distill the quality of decisions and the quality of the outcome. All we can control is
And the repeatability of the processes.
Process and practice helps us improve the quality of your decisions and be cognisant that the outcome would not go our way!