You have to die before becoming a successful trader Trading or any profession in the world is not about "just" learning and doing something new. It is all about developing a new skill that will not fit our current personality. Its all about choosing between old personality and new skill. Old personality will never allow new skill to sprout within. It will be either old personality will try to kill the new skill or new skill will try to kill old personality, giving birth to a new personality. Because developing new skill is like a lady giving birth to a baby. In the process the lady dies and a new mother is born. In the process of developing new skill, one has to overcome old methods, self doubt, fear of failure, etc. A new approach needs a new man to take birth. That brings the possibility of new skill and a new personality. With the new skill comes transformation in the man. More confidence, contentment, purpose, joy, love, etc, will give way to a new personality. Those who fear to die wont live either. The dull headed analytical personality has to die to give way to the birth of a brand new creative personality called trading businessman, an art of philosophy, the highest form of psychology, which is also an art. This art of dying and taking new birth is known as transformation. If you think a profession is nothing more than a means to make money, then your personality is that of a caterpillar. A Profession is a means to transform the personality into a more radiant one and money is just a byproduct. The personality of a successful professional is that of a butterfly. Profession is a means to transform the life itself.
90% of the traders are caterpillars, who wont know the possibility of a butterfly. So i will not be surprised to see that not many understand what transformation or "dying and rebirth" means.
You guys want to be puny caterpillars and butterflies? I am a phoenix!, i rose from the ashes of all my blown up trading accounts:
Here I thought this post was going to be able how people can forget your bad trades and remember your good ones once you're gone.
Bloom's Taxonomy : Creativity tops the thought process. Analysis is two steps below creativity. Pioneers and highly successful professionals in any field are creative, intuitive and with quite a few insights which the world always admired. As i said earlier, caterpillar personalities wont understand or appreciate the world of creativity. These caterpillars are amazingly mechanical in their thought process, very dull from creativity point of view, making it almost impossible to run own business including trading. They may do anything but cannot run own business.
Another marketing ploy that try to promote day trading (aka gambling) to novice will-be traders using some BS and twisted facts.
Yes, i am kind of marketing my thread here : https://www.elitetrader.com/et/threads/day-trading-basics.305348/ And this thread is strictly meant only for butterflies which is less than 1% of trading mass.
Actually my trading is systematic and automated: entirely mechanical and requires no thought whatsoever. Despite all this I still make plenty of money out of it. I reserve my creative abilities for posting sarcastic posts on this forum. GAT
Tell me one business in the world where business decisions are automated in such a way that profits are made automatically. Show me one, i will believe that it is possible to automate trade for profit. Trading is an art, how efficient will be automated trading, is a big question compared to manual trading. Day trading in unique business. Anything less than 5% in trading is not worth it in case of manual day trading because it is considered to be one of the most stressful and risky business and reward must be in proportionate to the risk. Manual day trading is one of the most profitable business yet there is not much scope to scale up the investment as it is limited to volume traded in the respective script. Automated trading is toy's play.