J Livermore
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Years ago, a knowledgeable person mentioned to me one of the reasons why he thinks trading is so difficult to get good at.
He said that when you play sports, you start off by playing against others who are more or less at your own skill level. For instance, if you started playing baseball or ice hockey, you start off young against other children. As you grow older and hopefully get good enough, you play at the junior high level and then high school. If you are fortunate enough, you can go onto college level sports.
If you are one of the very lucky few who is good enough to turn professional, you can start off in the many levels of minor leagues if you are not quite ready for the major league level.
With the trading markets you get none of that. The day you start trading, you are an inexperienced clod who has the unfortunate luck of trading against the best of the best in the financial world. There are no minor leagues in trading and the best traders in the world give no mercy whatsoever. No referee is going to call a penalty if your trading account gets hit too hard in the financial world.
Is it any wonder that so many traders have such a hard time?
He said that when you play sports, you start off by playing against others who are more or less at your own skill level. For instance, if you started playing baseball or ice hockey, you start off young against other children. As you grow older and hopefully get good enough, you play at the junior high level and then high school. If you are fortunate enough, you can go onto college level sports.
If you are one of the very lucky few who is good enough to turn professional, you can start off in the many levels of minor leagues if you are not quite ready for the major league level.
With the trading markets you get none of that. The day you start trading, you are an inexperienced clod who has the unfortunate luck of trading against the best of the best in the financial world. There are no minor leagues in trading and the best traders in the world give no mercy whatsoever. No referee is going to call a penalty if your trading account gets hit too hard in the financial world.
Is it any wonder that so many traders have such a hard time?
