Here’s a quick note to young traders who are taking it seriously and attempting to carve out a profitable career.
First, most of you will not make it. So sad…
Second, most of you will not listen to what I am about to write. Whatever…
If you are one of the first or the second, well, you can stop reading now and move on or keep reading but just be aware that this is not going to help you so youre just wasting some minutes of your holiday.
If you are a part of a third group though, the minority, well then these words might just serve you well.
Successful market participation is a grueling process, a marathon. There are so many components and it is such a complex challenge that you must spend years improving while facing serious stress and financial setbacks. You will need to master multiple skills and it will take time.
For 2013, you will not need to or be able to conquer it all.
Instead, choose one critical aspect of this craft to improve on and then make it your mission to crush that one thing.
For some of you, this will mean risk management but it may be something else like managing trades once you are in them or trade selection.
But whatever you choose, that one important thing, devour it, become it, crush it…
Focus on that one thing with religious fervor. Learn everything you can, seek guidance from those who have been successful, read about it everywhere, consume yourself in it, think about it when you should be doing other things and cultivate your own process.
Then practice practice practice that one thing you will improve in your trading until it becomes so automatic and so much a part of your routine that you do it every single solitary time as a function of habit.
Then read this post again next Jan 1, or in six months if you are a fast learner, and choose another critical skill to master.