This is a realistic perception for anyone
looking at going into trading as a full time endeavor.
However, I would add one additional line
to this piece.
“Time Frame to arrive at Number 38 is
7-10 Years.”
From: realtraders@xxxxxxxxxxxxxxx [mailto:realtraders@xxxxxxxxxxxxxxx] On Behalf Of Ben
Sent: Monday, April 10, 2006 8:56
AM
To: realtraders@xxxxxxxxxxxxxxx;
ntt-list@xxxxxxxxxxxxxxx; astrofin@xxxxxxxxxxxxxxx
Subject: [RT] Fw: Evolution of a
Trader
----- Original Message -----
Sent: Sunday,
April 09, 2006 9:04 PM
Subject:
[e-mini_traders_anon] Evolution of a Trader
author unknown... this has been forwarded to me by a friend.
Evolution
of a Trader
1. We accumulate information - buying books, going to
seminars and researching.
2. We begin to trade with our ‘new’ knowledge.
3. We consistently ‘donate’ and then realize
we may need more knowledge or information.
4. We accumulate more information.
5. We switch the markets we are currently following.
6. We go back into the market and trade with our
‘updated’ knowledge.
7. We get ‘beat up’ again and begin to lose
some of our confidence. Fear starts setting in.
8. We start to listen to ‘outside news’ and to
other traders.
9. We go back into the market and continue to
‘donate’.
10. We switch markets again.
11. We search for more information.
12. We go back into the market and start to see a little
progress.
13. We get ‘over-confident’ and the market
humbles us.
14. We start to understand that trading successfully is
going to take more time and more knowledge than we anticipated.
MOST PEOPLE WILL GIVE UP
AT THIS POINT, AS THEY REALISE WORK IS INVOLVED.
15. We get serious and start concentrating on learning a
‘real’ methodology.
16. We trade our methodology with some success, but
realize that something is missing.
17. We begin to understand the need for having rules to
apply our methodology.
18. We take a sabbatical from trading to develop and
research our trading rules.
19. We start trading again, this time with rules and find
some success, but over all we still hesitate when it comes time to execute.
20. We add, subtract and modify rules as we see a need to
be more proficient with our rules.
21. We feel we are very close to crossing that threshold
of successful trading.
22. We start to take responsibility for our trading
results as we understand that our success is in us, not the methodology.
23. We continue to trade and become more proficient with
our methodology and our rules.
24. As we trade we still have a tendency to violate our
rules and our results are still erratic.
25. We know we are close.
26. We go back and research our rules.
27. We build the confidence in our rules and go back into
the market and trade.
28. Our trading results are getting better, but we are
still hesitating in executing our rules.
29. We now see the importance of following our rules as we
see the results of our trades when we don’t follow the rules.
30. We begin to see that our lack of success is within us
(a lack of discipline in following the rules because of some kind of fear) and
we begin to work on knowing ourselves better.
31. We continue to trade and the market teaches us more
and more about ourselves.
32. We master our methodology and our trading rules.
33. We begin to consistently make money.
34. We get a little over-confident and the market humbles
us.
35. We continue to learn our lessons.
36. We stop thinking and allow our rules to trade for us
(trading becomes boring, but successful) and our trading account continues to
grow as we increase our contract size.
37. We are making more money than we ever dreamed
possible.
38. We go on with our lives and accomplish many of the
goals we had always dreamed of.
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