From Survivor to Pro by Puretick:

Discussion in 'Psychology' started by Spectra, Jul 7, 2008.

  1. Please do not take this and the next series of posts as my attempt to disregard the dozen or so newbies (you know who you are) whom most of you have enjoyed watching me eviserate verbally and mentally.

    But for the others, traders who have been doing this for perhaps a year or so and who are ready to give up Trading, perhaps a few ideas may let you readily assess whether indeed you should quit trading or maybe push on:

    Can you survive the almost insurmountable challenges the market throw at you and one day become a professional trader---one who makes trading his or her only source of income.

    And that income should be the greatest yearly income you have ever experienced.

    There will be no trite, simple trading setup you can buy for a couple of thousand dollars, no book of secret trades to employ for a daily, consistent source of profits starting tomorrow.

    I will go over what to expect, realistically with this profession.


    Alex L. Wasilewski
    Co-Founder & Head Trader
    Trades That Work
    1-877-GOLONG1 (1-877-465-6641)
  2. I would like to start by posting a couple of paragraphs (not written by me even though it mentions a taxi driver, which I did for a year during college and a few ET subhumans point out like it is some kind of plague) from a lecture by Lewis J. Borsellino.

    Lewis is arguably one of the most successful trader of this or any other generation. You will note if you ever encounter him that he speaks mostly of risk control, and money management.

    His biggest edge is not in some magical "holy grail" setup but in the professional discipline he brings to bear in the markets.

    This is part of what he had to say:

    "If you still believe that you’re cut out to be a trader, then let me share with you a powerful comeback story. He was a successful trader who made a lot of money – and then lost a lot of money. He drove a cab to support himself. In fact, to save as much money as possible, he actually lived in his cab for a short time. He drove a cab at night, slept a few hours, then traded all day.

    His discipline and dedicated were his strongest assets. He made a comeback and retired from trading a very financially successful individual one.

    Comebacks aren’t impossible. But before you can begin the journey back, you have to ask yourself: are you on the right road?"


    All too often I encounter students who come into my trading room and immediately inquire about how they can duplicate our trading results tick for tick.

    I tell them unless they can read another trader's mind---THAT IS IMPOSSIBLE.

    When I ask questions about some of these traders' business plans there is usually stunned silence. It is almost as if I asked them to write out a business plan to play slot machines in Las Vegas.

    So many traders do not think of trading as a business.

    You should.

    On my next post I will give you some questions you should ask yourself before opening your doors to trading.

    Alex L. Wasilewski
    Co-Founder & Head Trader
    Trades That Work
    1-877-GOLONG1 (1-877-465-6641)