July 22, 2024
Lessons in Failure from “Dr. Roger”
Tennis legend Roger Federer won 20 major men’s single titles, including a record eight men’s Wimbledon titles. He won nearly 80% of all his matches. It may surprise you that he credits his mindset towards failure as one reason he’s successful.
Sure, that sounds a bit odd. But for all that winning, consider that Federer won just 54% of all the points in his matches. That seems low for an all-time great, but it’s the nature of tennis.
It’s also the nature of life.
See, everyone loses at some point, whether it’s sports, jobs, relationships, and so on. Bouncing back is what matters. That’s what Federer said during a recent commencement speech at Dartmouth College, where he also was given an honorary doctorate degree.
When you lose a lot of second points on average, you learn not to dwell on every shot. The current task is the most important thing. But if you lose, the loss must remain behind you to maintain intensity, clarity, and focus.
Overcoming hard moments is how you become a champion.
The best in the world aren’t the best because they win every time. It’s because they know they’ll lose, and they’ve learned how to move on. They grow and adapt relentlessly.
Many great traders, like Jason Shapiro, are the same. Shapiro said you don’t make money by being smarter than the market. You do it by cutting loses and letting winners ride. He said if he’s a “market wizard,” it’s because he’s good at losing money and moving on.
Like tennis, the key to long-term trading success is perseverance. In life, losses happen. Those who can move on to other opportunities are the ones who ultimately emerge victorious.
Full text of Federer’s speech.
