The Art Of Survival In Pure Competition...
While it remains to be said that nothing is or ever will be a holy grail in trading there are some stories of the big name traders like George Soros, Stan Druckenmiller and Richard Dennis to name a few that separated them from the majority of the crowd. The one thing that you will find in all these guys is their ability to admit very quickly when they are wrong and to milk their winners for all they can when they are right. This is really the key to longevity in this business. Most cases will find you on the wrong side of the market and this is simply life. It is the ability to hold on and battle back that allows you to stay in the game and to make money over time.
It is an inner psychology that very few traders have or ever will have. After a few losses they begin their search again for the next greatest gimmick that will allow them to get rich. For most this journey ends badly.
There are a few examples in sports like this. Tiger Woods, Marc McGquire, Barry Bonds, and many others who opted to pump up their systems with steroids and other performance enhancing drugs to try to be the very best. The only problem with this is that it is a fleeting victory where you may very well do well for a while but you will at some point suffer the consequences of opting for this strategy. Tiger Woods is the best example. There will be many that think his life fell apart as a result of all that happened to him in 2007. I don't believe this is the case. Steroids would have made him sexually uncontrollable which he was. They would have allowed him to do extraordinary things on the golf course which they did. They would certainly have put him above his peers which they did. However you are now seeing the effects of choosing this route. His body is now beyond repair. His golf career is over. His life is in shambles and will likely be that way until his young passing.
Many athletes opt for greatness over longevity. It is what I call the Achilles syndrome. You trade a life of longevity and natural talent for one great shot at greatness where your name will live on long after you are gone.
Seems a foolish trade off to me. It is like saying that money makes me happy and only money. That is what leads prominent people to end it all when they somehow lose it.
I say this to you not to preach but to tell you that longevity comes with mistakes and money loss at times. There is no way around it. It comes with mistakes that come with being human. However you can at the end of it all have a nice nest egg if you learn to trade with patience and risk management. It all comes down to having the glory or the longevity. They choice is yours. Cheers!
It is an inner psychology that very few traders have or ever will have. After a few losses they begin their search again for the next greatest gimmick that will allow them to get rich. For most this journey ends badly.
There are a few examples in sports like this. Tiger Woods, Marc McGquire, Barry Bonds, and many others who opted to pump up their systems with steroids and other performance enhancing drugs to try to be the very best. The only problem with this is that it is a fleeting victory where you may very well do well for a while but you will at some point suffer the consequences of opting for this strategy. Tiger Woods is the best example. There will be many that think his life fell apart as a result of all that happened to him in 2007. I don't believe this is the case. Steroids would have made him sexually uncontrollable which he was. They would have allowed him to do extraordinary things on the golf course which they did. They would certainly have put him above his peers which they did. However you are now seeing the effects of choosing this route. His body is now beyond repair. His golf career is over. His life is in shambles and will likely be that way until his young passing.
Many athletes opt for greatness over longevity. It is what I call the Achilles syndrome. You trade a life of longevity and natural talent for one great shot at greatness where your name will live on long after you are gone.
Seems a foolish trade off to me. It is like saying that money makes me happy and only money. That is what leads prominent people to end it all when they somehow lose it.
I say this to you not to preach but to tell you that longevity comes with mistakes and money loss at times. There is no way around it. It comes with mistakes that come with being human. However you can at the end of it all have a nice nest egg if you learn to trade with patience and risk management. It all comes down to having the glory or the longevity. They choice is yours. Cheers!
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