Presumably he *was* doing what he chose to do i.e. having fun and kicking ass in the markets. Trading well is more fun than owning a Ferrari.
I agree totally. Those who seem obsessed with accumulating materialistic stuff likely aren't happy with their lives. And ultimately, if they get to the point where they can buy more "stuff", they find that doesn't bring them happiness either. Well, maybe it does for a week or a month depending on the new "toy" they bought. But we're all different. I find that giving (time, $$$) to others less fortunate gives me a lot more of a good feeling that's a lot more long lasting.
I read somewhere for being happy you ideally have 3 things: 1)enjoying the good life (ferrari) 2)doing things you love (trading) 3)meaning in life (giving back to society)
One of the most terrible feelings in the world is to arrive at a long sought after financial goal and find that it pretty much doesnt mean anything. You go on the next day just as you had the day before. So many people think that they want the big house, the ferrari, the million $$ trading account and spare cash in the bank. They don't want any of those things in reality, rather they want the feelings they associate with those things. The thing is, if you can ID the feelings and find legit ways to generate them then the financial stuff comes pretty easily.
To all those who enjoy trading and are doing it for the love of trading whatever that means: life is not about collecting stuff but it is neither about collecting numbers in your broker's, savings, 401K accounts living a paranoid life hoping for the weekend to end so they can jump in and TRADE. It is a job, got it? a job, nothing more. No need to get excited. It is a means to an end. I make 5K and that money will provide XYZ, just like in any other job. If somebody eats take out specials all his life while having millions to his name, he is wasting his life, period. If someone gets a hard on while trading, he is gambling and not working. Simple yet to many entirely NOT elementary.
Trading well is more fun than owning a Ferrari to those who have yet to trade well. Trading well is boring. There is nothing exciting about it. You feel good knowing that today you have outsmarted 98% of other payers in the market. The difference is you make more and you have the freedom to DO things you could not do having a regular Joe Shmoe job pushing pencils 9 to 5. The guy decided to live his life eating cheap nasty food and waste his life in front of a screen making his account grow to do what???? Make more? So that he can die super rich instead of just rich?
The characteristic of a successful trader is the one who is able to make money from their trades. If you were looking for an answer like "a successful trader has patience" or "a successful trader doesnt predict the market" then you have to look again. A successful trader makes money and thats the only characteristic you should worry yourself about. There are lots of BS artists out there, but at the end of the day the successful trader is able to make money. Thats it. No more BS. Lets just see account statements. Thats all I want to see, thats all I want to know.
Yeah.. But that's like saying the characteristic of a successful golfer is getting the ball near the hole. So, I think it makes sense to look at what makes traders different and what may or may not help.