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I felt it important to respond to the posts about the ups and downs of
Norman Winski's
trading career. It is a fact that many very successful traders have in
fact gone belly
up--some even more than once. The reason they learn from their mistakes
and
transform themselves relates to the nature of life transforming experiences
and beliefs
about trading and themselves. Most of us would characterize "going broke"
as a
life transforming experience. A life transforming experience for me was
when I had to
hock my watch at a London pawn shop to pay for losses accrued during their
account period. This changed my belief about the tradability of so-called
inside
information. I no longer hold that belief. What is important here is that
life transfroming
experiences change the nature of our beliefs. As our beliefs about trading
and ourselves
are called into question we are forced to make changes. If the beliefs are
positive
and useful, we are transformed and become successful. In the final
anaylsis, we become
what we believe.
Charles.
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