I Make Quick Decisions

I make quick decisions.

Is that because I’m a trader? Or am I a trader because I make quick decisions?

Over time, I think I’ve come to the conclusion that being a trader has instilled in me a knack and preference for quick decision-making. I wasn’t always like this. 25 years of trading has taught me to work with only 75% of the information I might want, and that is good enough to take action.

The phrase “invest, then investigate,” as Stanley Druckenmiller said, comes to mind.

Outside of trading, this can also affect my day-to-day decision-making. I think it frustrates my wife when I make decisions so quickly. In her mind, she probably thinks I’m being irrational, emotional, or acting on impulse. She, in contrast, is very deliberate. Cautious. Analyzes every detail…

In my mind, I do take my time. I quietly gather information as it comes to me until I feel I’m about 75% of the way there. I’m exercising the same muscles used when evaluating risk vs. reward in my trades. If/when the potential reward is significantly higher than the risk (or significantly more likely to work out favorably versus the risk of “loss”), I strike confidently with little to no delay.

If I’m not finding opportunities to exercise these skills outside of trading, I think it’s important to do so.