The othere day friend of mine, who started trading few months back, approcahed me with following question: “What is the most importand skill you need to make money trading?” My immidiate answer was “Being able to work very hard”. Since he is enterprenuer he understood what hard work is but somehow look at his face was telling “No this should be easy money so I didn’t expect that answer” He was probably looking for some magic oscilator or so called “Holy Grail”
Unfortunatelly to make it in trading, investing or any other endevour one must be able to work hard on his “game”, especially trading and investing because when you trade you are much closer to musician or soccer player than to CEO or someone holding MBA.
Last night I took small look at tradingwisdoms and was quite sure that I gave him right answer.
Every day I work on my trading game. I’ll never be satisfied. That’s like asking a concert pianist, “Do you think you could play that piece a little better?” People who are good at what they do are never satisfied with the status quo. – Linda Raschke
You have to keep doing the work
You have to keep doing the work and building the skill. Will you do this if you do not believe that one day all this work will manifest in better trading results? This is a sport that requires you to doubt and then find a way. – Mike Bellafiore
Work for yourself
I want you to work for yourself, to come up with independent opinions, to stress-test them, to be wary about being overconfident, and to reflect on the consequences of your decisions and constantly improve. – Ray Dalio
Greatness is the outcome of a prolonged developmental process
Greatness is the outcome of a prolonged developmental process. It is not merely something people are born with, nor is it solely the result of hard work. Greatness lies at the intersection between talents (inborn capacities), skills (acquired competencies), and interests (personality). When these three variables come together early in a person’s career (or life), it is as if an emotional spontaneous combustion results. – Brett Steenbarger
I have come to the conviction, however that large number of people interested in stock market investments and speculation would be willing to work and study to attain sensible results, if they had a guide or signpost pointing the right direction. – Jesse Livermore