Acres of Diamonds

Acres of Diamonds was the title of a speech given over 5,000 times by Russell Crowell between 1900 and 1925.

The speech was very popular and Crowell was paid to give the speech all over the United States. He used the proceeds from giving the speech to provide tuition for over 1,400 students to attend what became Temple University in Philadelphia.

In the beginning of the speech, Crowell tells the story of a farmer who sold his farm and left his home in a futile effort to find diamonds in a far away land.

The new owner of the farm found that the property was covered with black rocks that when broken open revealed diamonds inside.

The farmer left his home in search of diamonds when, in fact, he had acres or diamonds all over his farm.

Conwell, then, tells the story of a rancher in California in 1847 who sold his farm near Sacramento in order to move further south where he had heard prospectors were finding gold. The rancher sold his farm to Colonel John Sutter who built a sawmill on the stream running through the ranch. A year after the sawmill was built, gold was discovered in the stream. The discovery of gold at Sutter’s Mill started the California Gold Rush. Since then, over $38 million in gold has been taken from Sutter’s Mill.

Nothing is known of the rancher who sold out to Colonel Sutter in search of gold further south.

The point of Conwell’s two stories was that good fortune is often waiting for you wherever you are. You do not need to search far and wide for success. It can be found right here and right now, if you just know where to look.

I was taken by the Acres of Diamonds story the first time I heard it, many years ago.

Today, I think that the story provides a great parallel to finding success in futures trading.

Success in futures trading, in a way, is very simple.

Most unsuccessful traders try to make it more complicated than it needs to be in the hope that they will discover some secret. In fact, the secret to successful trading is not even a secret.

Success in futures trading is not about finding the most complex way to trade, it is not about enrolling in the best live chat-room, or buying some great trading system.

Consistent long term success in futures trading comes from

• finding a methodology that works for you,
• documenting that methodology in a clear, detailed written trading plan, and
• then, exploiting that methodology while following your plan to the letter.

A workmanlike plan unfailingly followed will always beat a great plan executed inconsistently.

You see, you probably do have acres of diamonds all around you, if you just know where to look.

If you would like my help in finding your acres of diamonds, please feel free to contact me at Jeff@ElectronicFuturesTrader.com.

Wishing you success in your trading, Jeff

Copyright © 2009 by Jeff Quinto
All rights reserved