Meeting with Rob Pasick (Part 2)

Today I continue reviewing a meeting I had roughly one year ago with executive coach Rob Pasick.

As a second alternate to starting an investment advisory (IA), I could form the previously-mentioned “option trading workgroup” with the primary focus being practice of various option trading strategies (not the research discussed near the end of Part 1). Once familiar enough through practice or backtesting, perhaps, I should feel more comfortable adding different strategies to my regimen. These could serve as future profit centers.

Pasick tried to get at my true motivation for starting an IA by asking why I am not content sitting at home and continuing to trade for a living. I said it feels like a logical next step if I am able to trade successfully for myself. I also said it would also be a challenge—meaning that it would force me to practice weaknesses that I can hopefully turn into strengths.

Starting a business with actual clients would help reclaim my professional edge. This is a reference to getting “soft” rather than having soft skills. Working for someone else requires us to meet explicit goals and requirements. We typically have a dress code (other than sweats and underwear). We have places to be and deadlines to meet. We have presentations. We have protocol to organize and keep straight in case the supervisor makes a surprise visit. All of this represents solid discipline that, for the most part, I don’t need when working for myself (although I believe retaining these practices would increase probability of success even in the latter case). Here is an interesting post about working for oneself.

I explained that I could make some of these things happen just by spending a bunch of money. I could spend money to start an IA or hedge fund. I could hire someone to build me the automated backtester. As discussed in the fourth paragraph here, though, it’s really difficult for me to do these things when I don’t see a clear path to assets. I said the one thing I can’t guarantee by spending money is a successful new business venture.

This is where I need the plan and a vision. A business coach could probably help with this.

I’ll conclude next time.