Quote from Chris Paciello:
I do have the burning desire to succeed.
That means nothing, at least a third of all those who fail have same desires. I no longer mentor- too old, too tired, lost patience of trying 1500 times of teaching same concept, but I have worked with newbies to 30 year losers, they all had intense desires of succeeding, that is not enough.
First you have to know why do you want to sit in front of screens 100 hours a week in the beginning? Most people get the answer wrong. The first three years of doing it on your own is discovery of what doesn't work. It is discovery of leaving your ego at the door, knowing that women are much better traders as a group than men and being able to question "why"-learning the why is an answer to help oneself become better. Trading is not about numbers, although we test this way, trading is about emotions, "fear", fear of missing out, fear of loss whether market going in a profitable direction or against our direction.
One of the best private journals I made thru the years is how I felt during the day, I got good at calling extreme turns by having opposite emotional feelings, intense fear at bottoms and intense happiest at highs. You learn by doing, making a story of the complete day of what emotion is making price go in a direction.
Reason I trade, after 31 years, I am good at it. My passion comes from backtesting new ideas, keeping losing percentages under 10% for day trading, keeping max DD long term trading under 15%. I no longer search for better entries, only better money management rules. "Skills and Qualities", LOL, I use to think I was above average in IQ, market makes those with higher IQ look like idiots cause we think in logic instead of emotions. My only quality was I didn't care how much I lost till I found how to trade successfully.
Less is better, always taking opposite trades of the 95%, books are only half written-never go beyond enough.
