There is an old saying that dates back to the early 1900's that was used to describe the distribution of wealth in society. This saying states simply that:
20% of the people will own 80% of the wealth!
Since then much analysis has been done in relation to this principle, and it has been determined that this formula affects many aspects of our society.
Broken down in simple form, it basically means that in any endeavour, a small few (20%) are essential to success, while the majority (80%) are unnecessary or 'trivial'.
This principle has had a huge impact on how many businesses function. For instance, managers realize that 20% of their personnel will, essentially, do 80% of the main workload. In a sales environment this is interpreted in a few ways: That only 20% of sales people will do the 80% of work necessary to be successful, but also that 20% of their clients will generate 80% of their business.
How does this relate to Forex and trading in general?? Think about it - if only 20% of us will do the necessary hard work to succeed (and this number is theorized to be much, much lower), which side of the fence do you want to be on? It has also been stated that for the majority of successful traders, 80% of their generated wealth is created from only 20% of their trades. Success is not a given in any endeavour - it must be EARNED! Hard work, persistence, an open mind and in my opinion the most important - THE WILLINGNESS TO CHANGE are all necessary components to success.
Why is it that the majority of truly successful people in any given field carry very similar personality traits?
Think about how much baggage we bring to the table when faced with a new endeavour? Preconceived notions, ego, false information, hopes, fears, past experience, the inability to listen, the need to always be right - the list goes on and on! Only the willingness to change can help us to overcome these limitations and put us on the path to success!
Here's to stomping the crap out of the 80/20 rule, and rolling the founder over in his grave!!!
... and here's to 100% of us having the endurance to find success in life!!
D.
20% of the people will own 80% of the wealth!
Since then much analysis has been done in relation to this principle, and it has been determined that this formula affects many aspects of our society.
Broken down in simple form, it basically means that in any endeavour, a small few (20%) are essential to success, while the majority (80%) are unnecessary or 'trivial'.
This principle has had a huge impact on how many businesses function. For instance, managers realize that 20% of their personnel will, essentially, do 80% of the main workload. In a sales environment this is interpreted in a few ways: That only 20% of sales people will do the 80% of work necessary to be successful, but also that 20% of their clients will generate 80% of their business.
How does this relate to Forex and trading in general?? Think about it - if only 20% of us will do the necessary hard work to succeed (and this number is theorized to be much, much lower), which side of the fence do you want to be on? It has also been stated that for the majority of successful traders, 80% of their generated wealth is created from only 20% of their trades. Success is not a given in any endeavour - it must be EARNED! Hard work, persistence, an open mind and in my opinion the most important - THE WILLINGNESS TO CHANGE are all necessary components to success.
Why is it that the majority of truly successful people in any given field carry very similar personality traits?
Think about how much baggage we bring to the table when faced with a new endeavour? Preconceived notions, ego, false information, hopes, fears, past experience, the inability to listen, the need to always be right - the list goes on and on! Only the willingness to change can help us to overcome these limitations and put us on the path to success!
Here's to stomping the crap out of the 80/20 rule, and rolling the founder over in his grave!!!
... and here's to 100% of us having the endurance to find success in life!!
D.