Brentsky, I say two words and it moves the world...I think I should run for president...I am a technical trader and do quite well...However, I have seen many traders try to walk the rode that Steve outlines, and fail miserably...They fail because of lack of discipline, and cutting losses quickly...They follow the words of gurus, and do not develop their own trading strategies..."The number one factor in determining whether or not one reached the highest levels in their field was the amount of time these individuals spent on deliberate practice."(Larry Connors) Deliberate practice is defined as the amount of time one spends in attempting to improve their performance..To be a top trader you have to have a passion to constantly improve, you must push yourself further, you must read, you must study.....Concentrated effort....
I too did not like the comment on Fool's Gold, because if you have the passion to follow deliberate practice, you can succeed...However, I think Steve was trying to shake many into reality that you are up against great odds and you'd better be prepared for combat...
Here is what I liked about his comments...
Some do make it. I have known many good day traders and all have the following:
1. Rock solid discipline
2. Emotionless about losing 1/8s and 1/4, never loses more than 1/2 or more
3. Great eye for movement.
4. Understands execution systems up and back
5. Understands that losing is part of the game.
6. Knows when they have gotten it wrong, sells the positions and would go the other way in a blink.
8. Has that intangible gift which makes them successful, meaning I have known people who have 1 through 6 but just don't get it done..usually because of some falter in #1 and
#6. The daytraders that fail usually have 3,4 and 5 but when losses come, they see it acting well, they think 'oh, it just has to turn somewhere' and then they slip on 2 and
never execute 6.
Regards, Mark |
