Sunday, April 12, 2009

Many are Called, Few are Chosen

Another excerpt from Bretty Steenbarger's book:
" I believe the implicit learning perspective
helps to explain why so few traders ultimately succeed at their craft. Quite
simply, they cannot outlast their learning curves. If, indeed, it takes thousands of
trials to generate successful implicit learning, a great number of traders would
have been bankrupted by then. Many others might not survive that number of
trials simply due to the time and energy required. It is impossible to hold a fulltime
job and generate the degree of immersion in the markets needed for implicit
learning. On the other hand, it is impossible to obtain a full-time income from
trading without developing the mastery conferred by years of experience. Parttime
traders never develop expertise for the same reason that part-time chess
players or athletes are unlikely to succeed. For purely practical reasons associated
with raising a family, making a living, etc., few people can undergo the “starving
artist” phase of skill-building. "

This blog is helping me to keep my goal of realising that 5000 trades will be MY learning curve - if I can survive 5000 trades with a at least a $1 remaining out of my original capital with the implicit skills to make profitable trades at will.

How long it will take to complete 5000 trades is not the key, the key is that I maintain the focus and discipline the complete the goal with the optimal learning experience.