Registered: Apr 2009
12-17-09 02:09 AM
Quote from illiquid:
I've tried to "mentor" a couple people over the years but it just never worked out. Granted neither were full time nor completely committed to a life of the markets, but now looking back it makes complete sense to me that such an attempt would be destined to fail (at least on my part). I'm a firm believer that ultimately everything boils down to experience when it comes to the difference between success and failure -- hence, I would agree completely with the 10k hours (more or less). Accordingly, I'm pretty much nonplussed when other traders come up to me and pry about what I look for, somehow I just can't verbalize or distill anything beyond the obvious. It's all trade by trade for me.
In this game, a little bit of information can be alot more dangerous than none at all.
I tried to mentor a close friend and a family member. Both times it ended with them giving up after about four months. Bottom line is this: You can learn from others and gain some basic skills, but ultimately you have to be willing to climb the mountain alone to learn everything necessary for survival. Most won't make it to the top. Some will quit and turn back. Others will die trying.