Sorry to say I am not able to agree with the word “arm wrestling”. Yes, forex requires a great dedication, perseverance and a lot of mind control over unwanted emotions like anger, frustration and greediness. I would like to connect forex with some mind refreshing game like table tennis. In table tennis, as we want to keep the focus on our small tiny tennis ball, in the forex market we also should give focus on small tiny changes in the market that in aggregate can bring huge difference to the decision.
Trading is like Arm-Wrestling... Man Up!
- Thread starter Maverick1
- Start date
I thought it was more like fat finger wrestling.
Trading might be also like a sniper i.e. once you shoot, you give away your "general location", in other words, either you shoot correctly or quickly cut losses and move to another location and seek for another chance/opportunity.
This is what "winning" at arm-wrestling looks like.
It didn't take training, concentration or courage -- just lack of awareness of consequences. Looking back, I would never have done it. Only downside for self and opponent; no upside whatever.
Re trading I take an unpopular position: that extensive simulator training is THE way to learn the craft, along with a significant edge. After a couple thousand screen hours, tool development, and two+ years without regular income, the fruits of labor are ready. Note: Modern aircraft are endlessly simulated and tested before production and flight. So I agree with the author, courage is required: to forego gratification of placing real trades to gain experience, until your [software] engineering sense of thoroughness is satisfied. That might take years. Some would say betting your 401(k) to obtain simulator training is unnecessary or risky. I say: trading is like arm wrestling, except there IS a possible upside. Be your own judge of how much training is needed. And if courage is called for, "Man up."
It didn't take training, concentration or courage -- just lack of awareness of consequences. Looking back, I would never have done it. Only downside for self and opponent; no upside whatever.
Re trading I take an unpopular position: that extensive simulator training is THE way to learn the craft, along with a significant edge. After a couple thousand screen hours, tool development, and two+ years without regular income, the fruits of labor are ready. Note: Modern aircraft are endlessly simulated and tested before production and flight. So I agree with the author, courage is required: to forego gratification of placing real trades to gain experience, until your [software] engineering sense of thoroughness is satisfied. That might take years. Some would say betting your 401(k) to obtain simulator training is unnecessary or risky. I say: trading is like arm wrestling, except there IS a possible upside. Be your own judge of how much training is needed. And if courage is called for, "Man up."
I'm reading it now. Fascinating book.