Info!! Lessons From A Successful Independent Trader

Here's a bang-up postal service from Bella regarding a pocket-sized independent trader, J. Park, who has grown his trouble organization human relationship to $100,000--and what that trader did to laissez passer on his success.  Several lessons jump out from his experience:

1)  He failed many times pocket-sized earlier finding success - We come across this designing with a surprising publish of the Market Wizards that Jack Schwager interviewed.  It took experiences with failure to in conclusion figure out what produced success.  The success came from perseverance in addition to the mightiness to larn from failures.

2)  He flora multiple mentors - I believe this is key.  Whether its chess, athletics, performing arts, or elite military, nosotros honour that successful performers are mentored in addition to trained.  The presence of multiple mentors permits an integration of perspectives that eventually leads i to their ain distinct approach.  Interestingly, I bring known the mentors mentioned yesteryear J. Park, such as @InvestorsLive, @Modern_Rock, @kroyrunner, in addition to @MikeBellafiore, to bring mentored other successful traders.  Think of all the stars that bring come upwards from basketball game coaches John Wooden in addition to Coach K:  practiced mentors create practiced performers.

3)  He focused on process - As he points out, nosotros can't command P/L; nosotros tin command our trading process:  what nosotros merchandise in addition to how nosotros merchandise it.  The successful trader may hold out discretionary inward their determination making, but volition non hold out random.  Successful trading is rule-governed, where the rules are derived from a clear agreement of who is inward the marketplace in addition to what they're doing.

There is a 4th element inward success, in addition to it helps explicate why many successful coin managers started out as active, short-term traders.  Short-term trading creates multiple learning trials.  If you lot are investing in addition to belongings positions for 6 months to a twelvemonth or more, how many learning trials arrive at you lot obtain over the course of written report of a career?  The daytrader has 200+ learning trials every year--more if they are using simulation tools, engaging inward review of recordings of their trades, etc.  That intensity of learning trials acts as a form of cognitive gym, edifice the determination making in addition to designing recognition skills of the trader.   

All the learning trials inward the world, however, volition non atomic number 82 to a cumulative effect if they are pursued haphazardly.  The argue nosotros come across mentoring as a telephone substitution element inward success across disciplines is that the correct didactics guides learning trials toward optimal development.  Great athletes don't simply exercise daily; they perform the correct exercises.  That is as truthful for developing traders.

Further Reading:  Trading With Focus
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