free / sat 29 jan 2011

a marathon not a sprint

The summation Glyder makes in his recent post raises an interesting point worthy of repeating.

When we come into trading (from the retail route) we all think it will be sprint to the finish line (ie to a consistently profitable/reliable gains from the chosen instrument/markets [s.] )This in part is due to our unrealistic expectations (perhaps borne of the 'get rich quick in 5mins a day' vendor promises ?) and partly due to our own ignorance.

What transpires is that actually it is a marathon not a sprint and I would argue that it in all probability will take years to develop a trading edge that suits your own needs/tolerances/preferences/style and then to develop the necessary psycholigical skills to trade it and close what Mark Douglas calls the ' Profit Gap ' ie the gap between having a seemingly profitable edge and actually making a profit from it.

Then, Consistent and reliable unspectacular gains adds up to a spectacular achievement - a profitable trading edge that you can trade consistently profitably.

Most won't reach the finish line - some won't be able to as mercantile considerations kick in, and some just won't ever learn the lessons of what a trading edge is and is not, and all the associated requirements re money and risk management etc. For those that do - you've earned the keys to the kingdom.
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I have attached the presentation in word doc format to this is in the zipped folder attached.


I re-read bbmac's paper recently as a refresher - its still abslutely superb The presentation was a real eye opener on my learning to trade journey, So I am
bumping up the link here for any newbies it may help out.

& Again many thanks to bbmac for sharing his hard won experience.