Perhaps for some subset of traders this is true, but discipline without edge is useless. Human nature is such that many DIY traders are, with great discipline, grinding away the days/months/years (and capital) for nothing -- no otherwise-usable skills to show for it, likely a negative profit, and colossal amounts of time gone ("10000 hours of screen time" :eek: , etc., as some advise on these forums).
Pullbacks work fine for me, too. I don't mind averaging down in some situations, but I do this rarely. But I like to keep my non-trading job. I think that's the best arrangement: to a have job (I am self-employed) and to trade on a side.
If you don't ultimately develop a positive expectancy strategy, I agree. Part of your discipline has to be the ability to formulate hypotheses about what works about your negative expectancy strategy and what doesn't, then iterate and refine. Even pretty bad traders have winning trades at least 20-25% of the time. If they could isolate factors that make those 20-25% winners and then identify other opportunities of the same type, while also identifying factors that make the 75-80% of their trades losers and eliminate them, you can mold something out of that that has a positive expectancy. Maybe! Ultimately, I do think the market rewards creative, structured thinking.
It is absolutely best to keep your job and live within your means based on that job whereas you don't need to trade to live...not because it is 'risky' but because there will be less stress involved...especially in your first few years of trading. If you are stressed out then it decreases your chances of being successful.
Yes sometimes great tenacity can lead to problems. But they are working towards what they want. If they are smart about it (have a good edge and good psychology) then they will succeed eventually. Sometimes they won't. And as you said...it would be a waste. But at least they tried. You can't accomplish something if you don't even try. Edge is important, I agree.
True indeed. Sorry to hear what your life had become, before. Good for you that you have a better one now
It's mainly about self discipline Turning oneself into superman from.............total loser !! work on it until perfection is achieved or in other words keep trying !!