Like Dalio said making a billion from the financial markets is harder than winning a gold medal in the Olympics
What do you consider to be the most valuable thing you've learned from a post on ET?
- Thread starter remogul92
- Start date
Paradox of so close & so far.
He was, polite imho. Very simplistic way of compering for general audiences.
Reality would be, it's more likely - impossible, for the majority from olympics, to make it into the highest level of markets, where people from markets, could have made it big in sports, if they have chosen so, in their younger days.
(There could be exceptions, especially with leading role players in team sports. But those would be exceptions.)
Take a swimming legend, Michael Phelps, - all he had to do in his own words, to become the best :
,, i never skipped a training day, 5 years in the row ''
Self disciple, determination and hard work, ofcourse. Intelligence ? Ofcourse as well, but how much of it one needs, to swim back and forth in pool.
Usain Bolt - ,,run straight as fast as you can'',
Mike Tyson - ,,cause as much pain as you can''.
Dozens of others.
The best ones.
Now take Dalio, Tudor J, Mark O & etc, . (except the one who cried, after his calls on oil failed, man skipped the class for diversification)
Thousand employees. The ability to see through 3'rd perspective. To choose the right talent, then leadership development. Innovation, with technology and mindset. Monstrous markets. Billions. Building connections while looking at opponents. Predicting - failing - learning - adjusting - winning.
Great example in tv series Billions, - Bobby Axelrod, chracters mind, is the level 2.
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I find we all have stages in life of being traders. The horrible beginnings where we lie we are getting better when in fact often getting worse. We lie to our friends, family and ourselves in the beginnings. After three years, we keep saying we are so close, somewhere, maybe tenth time for loan at bank, we get some trivial area of an edge, now we double our hours of doing better. Years goes by where we are the BEST breakeven trader, then BAMM we are thinking, why didn't I get think seven years ago...At some point, maybe fifteen years we develop ego's, OMG we become real assholes, we are trading geniuses and then we are rewarded with huge losses--thinking WTF was I thinking when I put on that trade, this lasts at least 10 years and for some forever. After forty years of this, I am tired, work few hours a week, there are small differences in overall price actions, simple don't remember last time of small differences, it has gotten to where this is boring way of life--fewer ways to trade come my way, there is only one way to make money in my thinking, least risk is buy low and sell high, throw in insurance or know well what the averages are based on back testing and R/R. Know where your "Uncle" point is and make sure you can still trade tomorrow.
TIL there are more of stock traders here
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That;
+ never confuse a high probability with infallibility........................................................
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Good thing we all don't agree on everything=markets dont work like that. Im surprised a scam like bitcon gets any coverage. But a few did make money off Maddoff; got in early + snuck out early......................................................................................................
But had to cough up all the "profits" when the court got into the act.
That's why Dalio made billions from using other people's money to make billions.