When we enter the field of trading, we often decide early in the process that we are in it for profit, and thus we must make sure that keep our objectives clear and learn to use information and feedback as a method of understanding the situation. In some cases, this is very easy to do. We make an investment and we follow our plan and we sell at just the right point and we make a profit. At other times, interpreting information isnt as easy. We receive what we consider to be bad news and we believe we have made an error in judgment.
An error in judgment is not a mistake and bad news isnt really bad news. It is simply informational feedback that we can then use to evaluate our plan or our actions in order to produce a better outcome the next time we sit down to trade. Our emotional desire to accept this information as bad news is strong, and it takes quite a bit of practice for many to turn their perception around, as we have been taught since infancy that some things are inherently bad, including losing a sum of money.
In the process of interpreting information, it is vital that we are honest with ourselves. While it is possible to make your win-loss ratio seem much better than it is in reality by intentionally make a few small trades on the safest possible trades. While this of course will increase the ratio of how often you gain profits over how often you lose money, it will not give you an accurate representation of the information you need to interpret differently in order to develop a new plan of action based on the current feedback.
Ultimately, when we lie to ourselves and try to represent ourselves as stronger than average traders we rob ourselves of vital information that can enable our own enhancement. We are in this gig to make money. We cant reach our full potential when we are misrepresenting ourselves, even when those misrepresentations are only for our eyes. If we want to be able to produce a better outcome, we have to interpret all of the information, in its entirety, without filtering or self deception.
Training yourself to keep daily records of ever trade, every outcome of those trades, and every strategy that went into those trades will help you to quickly decipher the information you receive when measure your performance ratios. Without knowing why you did something six months ago that resulted in failure, you are likely to repeat the mistake. When you find repetitive patterns throughout your trading history, you will learn what works and doesnt work for your trading style.
Of course, there are those traders that dont bother to use their win-loss ratio for performance evaluation or even really know what their win-loss ratio really is at any given time. You can choose to operate without any type of evaluation of your performance, but you will never be able to learn to be a stronger and better trader nearly as quickly or effectively. You will always have an informational gap stemming from a lack of performance evaluation.
Learning to evaluate your bad news and your good news as performance feedback is a huge part of undertaking the trading field as a serious form of making some very serious cash. You can really only get to the point of making serious financial gains when you are willing to be honest, evaluate your performance, and look at your ups, downs, and successes and failures as information that is readily available for your unbiased interpretation. When you can learn this, you can learn how to trade with the high rollers.
If a company is facing this kind of problem and it has an offshore team, or if a company is outsourcing some of their business functions from other countries, it would be more likely that the company will choose to let go of the offshore team or some of its foreign employees. If you are part of the company's management, you will find that it will be so hard to decide who among your foreign employees will stay and who will have to go.
If decision-making is hard, delivering the message yourself is even harder. It could be very difficult to bear the thought of their sad faces as you deliver the bad news to them. You could even expect different reactions from these employees because some will just understand and accept the company's decision and some will get disappointed, sad, and even furious. It could change their and their family's life.
As they often say, there is no easy way to send a bad news but there are some ways that you can do to make the situation as light as possible and to make them better understand why the company has come to a decision like that. The best way to deliver it is to do it personally. If you have to travel long distance just to face your offshore team, then by all means, do it. It would make them feel that despite the bad news you have brought with you, the company values and appreciates their help and their contributions by sending a representative over.
As much as possible, use the words ?we? and ?our? to make them feel that you really consider them as a part of the company. And never use words, phrases, or sentences that could give them the thought that you are blaming them for the company's high cost of operation and that letting them go is the best way to cut the cost and save the company. Be considerate of their feelings. The bad news is enough to make them feel bad and bad delivery could even make the feeling worse.
Just be honest. Say something from your heart. People will feel your sincerity and sympathy with your words and they can tell if you are just trying to create a dramatic and complicated situation to justify the layoffs. If these people will feel your sincerity, you can be sure that they will understand and will accept the news calmly. Just make sure that you will clearly explain the current situation the company is facing and you can just state some facts or figures that could help them understand how the company has come to that decision.
You could also let them participate by having a discussion. Let them express their views and you could even get a good idea from them on how to resolve the issue. This will let them absorb all the facts and details of the problem that the company is facing. They will still be sad about the company's decision but they will understand. They will take the situation in a light and calm manner and that could b really important.
Both Ben Needles & Ra are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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