Shiny Object Syndrome
or Strategic Pivot?
Understanding the Difference in Trading Strategies
Let me paint you a picture…
You’re staring at your screen, frustrated.
The strategy you’ve been working on for months just isn’t delivering the results you want.
You’re tempted to switch, maybe there’s a new strategy out there, one that’ll make everything click…
Sound familiar?
That’s ye olde “Shiny Object Syndrome”
Jumping from one strategy to another, hoping to strike gold.
And it’s a trap most of us fall into in the early days… (hand goes up sheepishly)
SHINY OBJECT
You start with one approach, it doesn’t work, you see someone else succeeding with something different… and you switch.
But then, that doesn’t work either! And the cycle continues.
Now, there’s nothing wrong with experimentation in the beginning. It’s part of finding your way.
But at some point, you need to commit, grind it out, and build on your experience.
Now, maybe you’re past that stage, you’ve stuck with something for a while… you’re grinding.
But now you feel stuck and find yourself thinking: “If I make a change, am I falling back into the shiny object trap again?”
But a strategic pivot is not shiny object syndrome.
Let me explain…
STRATEGIC PIVOT
Pivoting is a conscious, commercial decision.
In fact, you’ll pivot many times throughout your trading career for one reason or another.
The trick to a successful pivot is making it with intention.
(That’s the key difference between shiny object syndrome and a pivot.)
You’re assessing your current position objectively, and making a decision to try something else.
Just like an established business might do.
Let’s say for example you’ve been trading for a year or so and the results aren’t what you’d like.
It could very well be that you just need more time to fix a few rough edges…
In which case, stay put, put together a plan, and move forward.
Or it could be that you need to make a major shift… plastering over the cracks just won’t cut it.
That’s ok!
If it’s a strategic decision based on logic and solid reasoning then go for it.
Take your time to formulate a plan.
- Why are you pivoting?
- What do you expect to change with the new approach?
- What skills can you carry over from the screen time you’ve already accumulated?
You get the idea.
Some common strategic pivots:
- Day to swing – Reduce the decision-making pressure
- Swing to day – Increase the number of trading reps
- Moving markets – Trading where the opportunity is
Or it could be something more subtle…
Shiny object syndrome is one thing, a strategic pivot is another. 