« The 3/97 Rule of Success »
“Sometimes success is 3% brains and 97% not getting distracted by the Internet.”
Shane Parrish —
There you go, the 3/97 Rule of Success right from the get-go.
Thanks to Vilfredo Pareto, the developer of the original 80/20 mathematical model, originally applied to describe the distribution of wealth (1906), and to Thomas Edison, the original author of the famous 1/99 inspiration/perspiration quote “Genius is one percent inspiration, ninety-nine percent perspiration” (1903), today we have a plethora of easy-to-follow principles based on proportions.
These proportion-based principles can be used in virtually any situation in life: entrepreneurship, portfolio design, web development, biology, and also when reading the news as part of our daily routine.
In the daily routine process we preach here at Tackle Trading, the first step is Market Analysis. The first item in this sublist reads:
1) Check the News
And that’s where we already have problems. There’s simply too much opinion out there with little to none information. The proportion is about 3% information to 97% opinion (distraction), the same 3/97 proportion previously cited.
More or less this is the default order of the daily news snippets:
- U.S. vs. China + Opinion
- Brexit + Opinion
- Some problem with a certain country (roll the dice) + Opinion
- Some economic report coming out + Opinion
- Markets up/Markets down + Opinion
I don’t know, maybe I’m getting too old for this s***, but if you are reading too much opinion and no information you are creating a wrong map. And having the wrong map is much worse than having no map at all.
Don’t get distracted. Focus on 3% and avoid 97% of what’s out there. Success guaranteed.
NOTE: Tonight we will be holding the MasterMind Group for the S.T.E.P. System. Attend the MMG at 8:30 PM EST. Only students who have completed the course will be granted access to the webinar. See you there!
Chart of the Day
I’m getting too old for this s***
Me checking the news every day.
Video of the day
Lethal Weapon: Too Old For This S*** Mashup
It’s beautiful!!!
Today’s line up
Traders Lounge 11 PM EST
Join the coaches in this live lounge, ask questions, discuss ideas or just sit back and listen to veteran traders discuss market conditions.
The Coaches Show Replay
If you missed last night’s episode where Coaches Noah Davidson and Slawek J talked about the Short Strangle from the new Tackle Trading Playbook or would like to watch it again, check it out here.
Halftime Report 12:30 PM EST
The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.
Trading Justice Episode 343: Steve Burns
In this episode of the Trading Justice Podcast, we are joined by Steve Burns (@SJosephBurns) for a conversation about how to survive and thrive as a trader as well as the proper mindset a beginner needs to do so. You will enjoy the interview. Listen to the episode on the player below.
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