That's not entirely true. I've seen guys start making in their first month. They trade effortlessly, keep things simple and are extremely disciplined, probably a personality trait of his. I've seen guys work till midnight, studying charts, reading, receiving extensive mentorships and then failed. I've also seen a guy work extremely hard to fundamentaly change himself as a person to succeed. It's not easy to change oneself as a person.
So you wanna be great?
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I hear you, and I've seen the same thing, but let me ask you this - you described discipline as a 'personality trait'; so do you think it's inherited, like eye color? Or is is learned? I know that's not a question that can easily be answered with a '100% one or the other'.
I would liken the failed trader you mentioned to the small businessman who works really hard but fails. This means that either his strategy or his tactics were bad. I see people starting small businesses all the time about qwhich I think to myself, 'Really? Did you really think that this was going to work?'
I think that again, the exception proves the rule in cases like the one you mentioned. Sure, there will be savant traders just like there are savant musicians. These people will never understand what it means to slave away at your craft until you have mastered it because they just pop out with a freakishly high degree of mastery. I have seen this in music, but rarely.
I think these people are the exception, and if you look at 20 guys who have made it, in both fields, you will find that most of them worked hard to get there. Of course you can't be a complete idiot, but hard work can trump lack of genius.
I think a key element of success has been missed here. The key words: Intent and Belief.
So you might have two guys working hard every day side-by-side. One of them believes that life is a grind and that he will never get out of this shitty job and fulfill his idea of wealth, etc. The guy next to him does the same job, but he is focused and believes that this job is a step towards a big break. The second worker has a clear vision of what he wants to do in life and believes that he can make his visions a reality. The first guy believes that he is bound to do the same job to make ends meet, etc. Both work hard at their job.
I can tell you that the power of intention IS what causes luck. Luck is not a random event, in my opinion. Luck is where a belief, work and opportunity intersect. This might sound like newage crap to many, but the power of intention has been documented across the ages in religious books, studies, etc.
The bottom line: Hard work without a true intent and a strong belief in the outcome is just a way of passing time without having a direction. The person who works hard with a vision and intent in mind enjoys the process, is happier and is healthier. The guy who sees the work as a grind just to get by will perform more poorly, be more unhappy, be more likely to abuse something and will suffer in his health.
This, I believe, is the link between hard work, luck, who you know, etc. If you don't truly believe in what you are doing, then you will experience less luck/breakthroughs and will have much to complain and be bitter about.
Just my opinion....
So you might have two guys working hard every day side-by-side. One of them believes that life is a grind and that he will never get out of this shitty job and fulfill his idea of wealth, etc. The guy next to him does the same job, but he is focused and believes that this job is a step towards a big break. The second worker has a clear vision of what he wants to do in life and believes that he can make his visions a reality. The first guy believes that he is bound to do the same job to make ends meet, etc. Both work hard at their job.
I can tell you that the power of intention IS what causes luck. Luck is not a random event, in my opinion. Luck is where a belief, work and opportunity intersect. This might sound like newage crap to many, but the power of intention has been documented across the ages in religious books, studies, etc.
The bottom line: Hard work without a true intent and a strong belief in the outcome is just a way of passing time without having a direction. The person who works hard with a vision and intent in mind enjoys the process, is happier and is healthier. The guy who sees the work as a grind just to get by will perform more poorly, be more unhappy, be more likely to abuse something and will suffer in his health.
This, I believe, is the link between hard work, luck, who you know, etc. If you don't truly believe in what you are doing, then you will experience less luck/breakthroughs and will have much to complain and be bitter about.
Just my opinion....
I listen everyday to people talk about money or how they have a lack of it. "If I hit the lottery...If I made as much as you", etc, etc. The list goes on and on. Many of those same people spend countless hours watching sports and following sports through all avenues. I ask, "do you spend any time bettering your self (additional college, masters etc.), watching bloomberg, reading financial pubs, learning about money, having the discipline to save/invest, using your brains to see and latch on to opportunites. The answers are always the same. Excuses as to why they cannot do something. Well, they are convinced they can do nothing and fulfill their own prophecies daily. Go Big Red, whatever!
Disclaimer: I have nothing against sports or those who watch it.
Disclaimer: I have nothing against sports or those who watch it.
The world distributes probabilities randomly; we just are so easy to fool. They say âgood fortune favors the braveâ, well what about bad fortune? That too favors the brave. The only problem is the brave and less fortunate are not here to talk about it, all we have are the ones that jumped in front of a speeding train and lived to talk about it. People like Gates are ten sigma events and luck had lots to do with it. Iâm not saying that he is an idiot, it takes bit of talent and good foresight to get where he is, but if a university student studying software engineering thinks that she should drop out of college to form the greatest software company in the world then the joke will be on her. Even if the student follows the exact thought and action patterns that Gates followed but in a different setting, do you think that she will even come close to what Bill Gates is today? I would say the answer is no, she might have the talent and foresight, but she would lack the âright place at the right timeâ aspect. But being human, we will jump at the opportunity to trade in the lack of control that comes with reality to the false sense of control that comes with readings such the one posted by the OP. Ehâ¦just my two cents.
shanoballs
shanoballs
visualization is key.
i visualized what i have now 10 years ago--- you will become what you think about. now, i am ready to take it to the next level, which seems more difficult than getting to this point.
how about a guy like steve o? is he a true nut, or just obsessed with fame so much he is willing to do ANYTHING?
surf
i visualized what i have now 10 years ago--- you will become what you think about. now, i am ready to take it to the next level, which seems more difficult than getting to this point.
how about a guy like steve o? is he a true nut, or just obsessed with fame so much he is willing to do ANYTHING?
surf
gates has partecipated in one of the biggest thefts of his time, as leader and gateway driver...and the money he stole were from his best then pal steve jobs. he didnt invent nuttin'.. he had it easy by re-packagin' aapl icons into windows and there u have it: msft was born at the massive expenses of aapl.
i think anybody can be taught to make a living in trading. the thread is entitled, "so you wanna be great". completely different things. maybe the desire to work hard, and develop or enhance one's discipline is an innate trait. have you ever tried to get a lazy slob out of bed? bu then again, being lazy sometimes can help the trader. i've seen guys work too hard, press and overtrade a dead market. the more he tried, the harder he worked, the more he lost. i don't think trading has anything to do with effort. it's more taoist.