Mind Matters: Persistence and Patience
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December 30, 2009
At a trading seminar I was talking about the virtues of the real-time trading exercises - an integral part of the attendees' home study material. Very few had done the exercises. Very few were keen on doing them. Having done them myself, I know how valuable they are for trading. I have also had the privilege of talking to more than four thousand traders in my role as a Trading Tutor. It is easy to tell the difference between traders who have done those exercises and those who haven't. Practice provides trading knowledge and trading experience.
Let's look at the training a pilot has to go through. Imagine two pilots in training. One has read all the books, has all the knowledge, and can tell you all the theory without fail. But he has not done any practical flying with an instructor nor sat in front of a simulator. The second pilot has done all the theory and has spent over five hundred hours up in the air with an instructor and in front of a flight simulator. He has made some mistakes and had them corrected by his instructor or the simulator program. Which pilot would you rather fly with?
Yet over and over again I hear excuses and reasons why you should skip the work required to make yourself a skilled trader. Whether it's the markets, the weather, the kids, the TV, the economy, the in-laws, the interest rates, or the dog that got in the way, the "Show me the button to press so I can collect my million dollars" attitude is the norm rather than the exception.
David Bowden, a very successful trader and founder of Safety In The Market, says he used to dedicate sixteen hours a day to his trading. That is persistence and that level of persistence requires a lot of patience. Even though the rewards you get at the beginning may be small, as your skill levels increase, your results and satisfaction grows.
There are many ways a trader can improve him/herself. Backtesting, developing systems, testing systems, verifying indicators, analysing markets, collecting data and information, studying, attending courses, subscribing to advisory services and assessing performances are some of the activities one can engage in; patiently and persistently.
An admirer said to Mark Twain, "I would give my whole life to be able to write as well as you do." His response was "I did." Here is another quote that makes the point: "Genius is nothing but a greater aptitude for patience" (source unknown). If you do the work required, with patience and persistence, you will get the rewards.
Happy Trading!
Sinan Koray
Trading Tutors Team
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