Quote from candletrader:
Novices focus on searching for the Holy Grail and often don't explicitly define what precisely constitutes the Holy Grail. They lack clarity, discipline and emotional control. They have a tendency to be reliant on Gurus to show them how to be mega-wealthy. Invariably, the novices are net losers.
The Average realize that there is no Holy Grail, but may still have emotional / psychological issues when trading. They manage to scrape out some kind of living, but their approach could be more structured. The potential Elite don't stay Average for too long, Average for them being a mere transition phase rather than an ultimate destination. In contrast, the career Average trader has has a tendency to enrich his broker and other vendors disproportionately to his profits, and he looks externally for answers rather than internally.
The Elite are, as much as possible, emotionally detached. Their concern is not indicators, the quest for the Holy Grail or potential $ / % returns, since the Elite live in the world of the now and not in the world of hope. Having said that, the Elite often have a plethora of strategies (be they systemized or discretionary) and understand when and how to use them; implicit in this is the adaptability / flexibility that is integral to the mindset of the Elite. The Elite are highly conservative in their approach and extremely risk conscious, since their primary concern is their longevity.
