Adversity: Using challenges as a path to wisdom.

Adversity can be characterized in a variety of ways, misfortune, bad luck, or in some cases just desserts. These challenges change the way you think, perceive and make decisions. Adversity can cause tremendous stress, and it is through this lens that your perception is altered and often times distorted.

In any given year a person will have a series of ups and downs. Those triumphs and challenges may occur as expected, and on occasion they will be wholly unexpected. Triumphs have a way of taking care of themselves, but challenges by contrast require some more careful action and evaluation.

Sometimes bad things seem to happen without any indication, like a medical event, death of a loved one, a sudden change in your direction or fortunes. Perhaps you felt you failed at an interview or a test of some kind.

Other setbacks may be expected like cutbacks in your division, failure of a relationship or a forecast that has come to fruition. Even these expected events can have significant repercussions as they evolve and develop.

Faced with adverse conditions, there are a series of ways that a person can deal with them. It is in these moments that the mindset chosen will have the biggest impact on your progress and future outcome.

As a market participant or one hoping to be, you are likely to possess a variety of highly useful skills and a wide range of knowledge. These can be your friend or your enemy in tough times.

Sometimes unfortunate events can’t be distilled down to a simple formula, a model. Even if it can, your ability to function in the world run by people will be more unpredictable than you expect, especially when your own perception is altered.

Indeed you may find managing your own responses a surprising challenge.

We all have the capacity to overcome difficult situations and events, but it is the framing of these where the process begins, and its successful outcome is secured.

To push through a difficult event and overcome your fear you must begin by reframing your experience and find an alternative perspective. This means finding a new vantage point from which to view the situation once the initial shock has passed.

Market participants are typically adept at observation and learning, therefore move to your strength and frame your new challenge as a learning experience. By shifting your interpretation to this perspective you become more objective and outward, giving your inner turmoil some relief.

Let’s say for example that your firm does a restructuring and you find yourself kicked to the curb. It may or may not be unexpected, but typically the event can be unsettling, especially if you have been at your position for either a very short or extended period.

Your mindset may be combative, in denial or consumed with frustration. You may look for reasons and excuses, but while these responses are all natural, they are also unproductive.

Try looking at it like this: Here is a chance to learn about how payouts work and are determined. How does an HR department operate? What steps does the firm take to balance the risk of legal action with the costs of legal action? How do I view my situation once unburdened by this event?

It’s a big chess match that can provide meals for a lifetime.

You may have blown an interview for an important position or opportunity. While this may seem like a major issue right now, you might be better served by looking at the situation in this manner: What did I do well? What did I not do well? What adjustments can I make for the next opportunity?

In my experience when something like this doesn’t go well, something better is often in your future.

In another case you or a loved one may receive some difficult medical news. This type of thing can be disconcerting to even the most robust person, and your reaction can span the full gamut of emotions.

In this instance you can approach the situation in this way: Look at the situation relative to others. Is the ailment treatable? Can it be managed? You can observe how the medical system operates. Consider the tact and presentation of various medical professionals. You can come to a degree of empathy for others with whom you had nothing in common previously.

If you find yourself overwhelmed by a situation you might also consider breaking the adverse event into bite sized pieces. Try not to consume everything all at once.

Not unlike an unexpected decline in a big position, one that you may be over invested in both financially and emotionally, you can break your situation down into manageable pieces and change your focus in order to better evaluate the steps involved.

Work through the components of the given problem. Like examining the divisions of a company, the movements involved in a masterly sports performance, steps taken to determining a trade or an investment, break it down and take it piece by piece.

Not every situation is clear cut so allow yourself to be flexible. Like a typical moving day, expect the unexpected. Flexibility and expectation management are important tools both for those meeting adversity, and those who plan on being long term market professionals.

In difficult circumstances your most trusted friends, family members and confidants are your most valuable resources. These people can act as sounding boards and useful advisers to help carry the load. Carrying a heavy burden alone is torture, and will force you to become more insular. Look outward when meeting challenges and give yourself some room to breathe.

Take a moment and look back to a time when you had a significant challenge in the past, one that you were able to overcome. Try to remember how you felt as the event unfolded. See how you feel now looking back. It came and went, and you are wiser, stronger and better prepared for the next time.

This time.

When a problem seems daunting or insurmountable recall this memory. Imagine yourself in the future looking back at your current problem in the same way. Dispassionately, behind you and resolved.

Then make it so.

Perception and expectations, framing and presentation are important ways to successfully deal with adversity whether they be in the market or in your personal and professional life.

Adversity represents an opportunity to learn and grow. A chance to turn the seemingly insurmountable event into strength and insight.

Dig deep. Face your challenges with courage and perspective. Find your path to wisdom.

 

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