do you feel that ppl who succeed in sports tend to succeed in trading/business??? or the two have lil to any correlation???
i do not mean at the moment however in past experiences in life, as in highschool allstar or all american in college etc...
DGModel- I don't know the scientific answer, but I seem to be right most of the time, so let me take a swing at this one. First, by all reports, VERY FEW people percentage-wise actually succeed in trading. A high percentage ( 80-90%+ ), blow out, lose all their money, and never trade again. This is due to many reasons including emotional trading, poor market understanding, and bad money management. Of these particular 3, the first is probably the most difficult to conquer. That said, a TRULY HIGH PERFORMING athlete, in my view, is FAR MORE LIKELY to succeed at trading than your average smart joe. Here are a few reasons: 1) high performing athletes are generally disciplined and understand that practice/work directly correlates with performance 2) athletes know that ONLY RESULTS matters .. they may be less likely to engage in self-defeating, overthinking. rationalizations. 3) a high performing athlete is more likely to use visualization techniques and subconscious programming techniques that can greatly assist in controlling emotional trading 4) a high performing athlete will likely have a higher self-expectation that will resultingly produce greater focus, work, and persistence 5) a high performing athlete is more likely to INTUITIVELY utilize modeling techniques that faciliate rapid mastery in any subject 6) A high performing athlete MAY have more money they can lose in the markets, while getting their skills up to speed. People like Lance Armstrong, Tiger Woods, and Michael Jordan.. absolutely.. they would definitely have a better chance of succeeding than even more intelligent counterparts. since trading requires diligence, healthy competitiveness, and great mental discipline, 3 traits high-performing athletes ALWAYS have. But to keep this in perspective.. they may have a 20% chance of succeeding, while others have a 5%. -Jason
"may" be right? That was my first post on this board. I had never been wrong here coming into it. : -)
past performance does not dictate future success.. .and since there is no proof to your response it is a "may..." even if you had 1000 responses and they were all right, your next response still is a "may" because even if you flip a coin a 1000 and get the right side which you called everytime, the next flip could very well be against you...
People who succeed in sports are more likely to have success in ANYTHING they do. Competitive nature to be the best.
They may have the discipline but trading is not just discipline. Finding an edge requires some hard earned experiences and statistical knowledge. Some of the most successful minds have failed in this business and you sure need discipline to get through a highly competitive PhD program. Athletic ability, as much as I know, is a lot about genes and then a lot about work. Trading has nothing to do with genes, it has to do about personality and a certain degree of knowledge.
Totally agree about personality. Not so much about knowledge....depends on your style. Some of the most successful traders out there could care less about TA, and don't have a clue about what is going on, but they read the tape and market to a tee and make a butt load of cash. Intelligence sure helps for some styles......but personality is the key.