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The skill I’m talking about is asking questions. Too often it seems like a risk to ask questions:
- “What if they think it’s a stupid question?”
- “What if it had been covered before and I somehow missed it?”
- Or the more general: “Smart people have answers; children learning in school have questions.”
I am convinced that questions reach a deeper part of the brain than statements. Statements elicit a reaction such as: “Is it true or not? Do I believe it or not?” in your brain
Questions open up a whole horizon of possible thoughts. For example, let’s say I ask you, “What’s an example of something you previously thought was 100% obvious in your business, but later discovered the reality was much more nuanced?” Your thoughts will not be about true/false. To answer this question, you need to delve into your experiences.
Related: The most successful people in the world ask questions constantly. Here’s how to master the art of asking questions
Here’s how asking the right questions saved my day trading career
I threw myself into learning day trading and had beginner’s luck. The next year I returned all my profits and some. I was careful with my money, but no matter how hard I worked, the trend line was not good. At one point, I was heavily in debt, had sold everything I could on Craigslist, and was down to my last chance to day trade.
My desire to understand how to survive as a day trader led me to ask myself the most fundamental question: “I have placed many trades over the past few months. What patterns or factors can I discover around my profitable trades that differ from those in my unprofitable trades? “
I might ask this question because I kept a trading journal. Not only did I have my trading data, but I also had my strategy written down as I executed each trade.
Long story short: I found that my profitable trades had five common denominators. They referred to things like how much the stock was up from the previous day’s closing price, as well as other factors regarding price, volume and news.
These insights were key to righting my day trading ship. Since then, not only have I continued to trade, but I also have a business involving day trading software, educational materials, and an active community of traders. Asking the right questions has continued to be one of my favorite tactics for gaining insights. In fact, it can be critical to your competitive positioning.
Related: Get your ego out of the way and ask for help when you need it
Define your unique selling proposition
Your “USP” is about how you stand out from the competition. Day trading is a profession full of brash and arrogant traders. Many of them boast of having done great business. But how did they do it, considering all the professions? This is a question that few of my competitors have posted an answer to. Even novice traders know that no one can boast of an unbroken streak of trading achievements. I then asked myself: “How can I differentiate myself from all the other day trading offers?” I found the answer to my question: be as transparent as possible. This has led me to publish verified brokerage statements covering every one of the 20,000+ trades I have placed.
I continue to do daily recaps of my trading, even when I get my ass kicked.
Related: Asking for help could be the key to your success
Three more types of questions I ask
1. Ask for confirmation. Let’s say I just went over some detailed instructions and goals with someone in my organization. I don’t have to wonder if we’re on the same page, because I can ask, “We’ve looked at a lot. How would you say in your own words what we’re trying to do?” Very quickly I will have my answer and can make changes if necessary.
2. Require focused learning and problem solving. They say it takes 10,000 hours to become an expert at something. But I’ve found that it’s not the simple number of hours that matters; that’s what you’re doing during those hours. Are you hitting a ball without thinking about it or practicing a specific swing? If you’re looking to improve your selling skills, then deliberate practice involves asking yourself questions like, “What are all the unique ways I can find that experienced salespeople deal with the objection of, ‘I’ll have to think about it and go back?’ to you.” Another example: “Why is my webinar attendance higher than ever, but my conversion rate is decreasing?”
3. Targeted planning. If I feel overwhelmed by the hundreds of things on my list, I ask, “Which three projects will have the greatest effect on my goals?” There’s an even more fundamental question: “Where do I want to be in three months?”