On your mark, GO, get set

Here is a secret that no one is really telling you:  You’re spending WAY too much time and energy focusing on the first step of whatever you are doing.

When you study investing or trading, you probably spend 95% of your time trying to learn the setups or indications that a stock is at a good entry point.  Newsflash:  Billion dollar firms thrive by taking the other side of YOUR trade, no matter which direction you go….because they know you’ll mess it up later.

When you go to the driving range, you probably hit your driver more than any other club, and walk past the putting green on your way out.

When you start a business, you probably spend days and days planning your big launch.

But the problem is, those first steps hardly matter at all.

Here’s how you can become MUCH better at whatever it is you do:

Completely ignore the first step.

Flip a coin to determine your directional bias on a trade.  Now that’s out of the way, start thinking about the type of trade you want to make.  Should you use an option spread?  Should you really lever up on this one?  How are you going to manage it if it goes with you?  Against you?  When will you double down—if you’re right or if you’re wrong?   Take the first step out and learn to manage positions and exits.

Hit 7-iron off of every tee.  Now, you’re safe after one every time and 100 yards further away than you would be if you hit a great drive (which only happens 35% of the time anyway).  How are you going to approach the hole?  It’s unlikely that you’ll hit the green, so ignore the pin and think about where you want to be chipping from.  Focus on improving your contact.  Make every putt have a chance at the hole.   Take the first step out and learn to manage your game.

Got a business idea?  Launch it TOMORROW. Open for business.  The pressure of launch is off (no one cares anyway), now what do you need to do to get customer #1?  What’s he expect that you don’t have?  What other products does he wish you had, and what price is he expecting to pay?  Who do you need on your team?  To do what?  These are the things you learn as you are going….they are extremely difficult to predict correctly and I really suggest that you take the first step out and learn what your customer wants and how you can give it to them.

Of course, planning is important.  My contention here is that planning for step one is not nearly as important as the amount of time you are devoting to it.  By forcing yourself into action and to think beyond the first step, you’ll begin to plan several moves in advance.

But more importantly, you’ll get better at the things that actually determine your success.