What It Takes To Become An Elite Trader

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Article
Intermediate
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Alan Farley

03 Nov, 2017

in Day Trading & Scalping and 1 more

Your final task could be the hardest, depending on your current lifestyle. Once you’ve chosen to walk the elite path, you need to monitor personal habits and interpersonal relationships. Drug use, poor nutrition and insomnia undermine the mental faculties required to take money out of the market each day. Add in marital discord or fighting with parents and there will be even more chances for your money and your discipline to be lost through your positions.

Understand the deep connection between how you feel and your bottom line results. Financial markets are the worst place to deal with personal issues, so clean up your act and quit smoking, get to the gym and buy your spouse flowers. You’ve got important work to do and need to be at your best to trade at the top of your game.

In Summary
The elite trader develops a serious approach to the financial markets, weighing risk against potential reward at all times. They hone their craft through detailed recordkeeping, carefully chosen data sources, well-defined trading edges and lifelong connections with mentors who will guide them to the next level of achievement.

Alan Farley can be contacted on this link: Hard Right Edge

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The author of the article describes a number of things that are important to success. While I don't disagree with them, most of them are generic in nature and are just as applicable to any other profession or business endeavour.

Importantly is trading a business or a profession? If it is a business, then the focus is developing core business practices. If it is a profession, the focus is on developing core competencies.

If it is a profession, can core competencies be self taught? Are there successful self taught doctors, engineers, accountants, et al that you know of out there? I think the biggest problem is the myth that if you treat trading as a business and you have some acquired trading knowledge you will be successful. It is the logic that all dogs are mammals but not all mammals are dogs.

Nov 04, 2017

Member (309 posts)

Re: What It Takes To Become An Elite Trader

Can't argue with that.
Only it took me more like 7 years rather than three.
The part about teachers , I would say only study from historical teachers, which history provides evidence of long term profitability . It does not matter how long ago because market patterns have always been the same and always will be.

Nov 03, 2017

Member (1309 posts)

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