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How high is the cost to be a master trader?
While the actual price is difficult to quantify, we
have been at the business of trading long enough to
know that it's higher than most people think. And in
most cases, it's higher than most people are willing
to pay. Show me someone who wants to quit his or her
job to become a day trader, and I'll show you someone
who probably doesn't understand what it takes to be
a day trader. Those who feel this is a game that can
be conquered or mastered in a few short months are
deluding themselves. Not only does it take many months
to years of relentless effort to obtain market proficiency,
but also excellence seems to emerge only after one
has learned and experienced every conceivable way to
lose. The truth of the matter is that the pains, the
agony, the scars of an experienced trader run especially
long and deep. If aspiring market mavens do not possess
a great deal of fortitude, or if they lack resolve,
are devoid of passion, and are unwilling to forsake
all, they simply won't last. Individuals who truly
desire market success will have to pay with their blood,
their money, and a very big part of their lives. The
tuition is high. There is no denying that. But the
ultimate reward that goes to those willing to pay the
price is immeasurable. Successful traders enjoy an
independence that can't even be imagined by most. With
a notebook computer and a telephone line, they are
free to trade, to book profits, from any place in the
world. They can earn more money in 2 hours than most
people earn in a month. With the click of a mouse and
the stroke of a few keys, successful traders can bring
into existence their every material desire and shield
themselves from the day-to-day concerns that typically
plague the mediocre and the average. By properly responding
to the electronic impulses flashing on the computer
screen, traders can create the world of their choice,
live a lifestyle that supersedes the wildest of all
dreams, and rest securely in the fact that no one on
planet Earth can take it away. But in order to get
there, you must last! To reach the lofty level of which
I speak, you must survive, however difficult things
get. And that, my friends, is no easy task. So if you
are truly willing to pay the price, the best advice
I can give you is this. Develop a plan, find a mentor
who will teach you, and never surrender! Make up your
mind this very day that you will either rise or perish.
And then watch your unshakable resolve work out the
details. You can do it. We know this to be true because
we did it.
SEED OF WISDOM
Recognize
that the cost of trading mastery is high. Then, provided
you accept the cost, decide to make achieving a successful
life your "magnificent obsession." Fan the
flame of you passion until it ignites into a white-heat
desire to attain that wonderful state we call trading
mastery. Make your sole mission in life to overcome
all obstacles to your success without any thought of
ever giving up. This burning desire for trading mastery
is the wind behind the sails of every profitable trader
in existence. It is what gives the new trader the ability
to survive that first booby-trapped filled year of his
or her new life.
THE MASTER TRADER REQUIRES ONLY A FEW TOOLS
It
has always been my belief that the mastery of a few
trading tools is all that's necessary to become a highly
successful trader. Most would-be successful traders
are incapacitated by the false notion that in order
to trade for a living, one must have accumulated a wealth
of knowledge over countless years of experience. Not
only is this not altogether true, the exact opposite
is actually closer to the truth. In fact, it has been
my experience that those who possess a limited amount
of trading knowledge have a much better chance of becoming
effective market players than their so-called overly
experienced brethren. Why? Because varied market experiences,
if not utilized and interpreted correctly, help to crystallize
inaccurate beliefs. And inaccurate beliefs, which are
allowed to exist over time, eventually flourish into
full-blown, faulty ideologies that ultimately result
in the trader's ruin. Knowledge is power, but only if
it's the right knowledge. By mastering any two or three
of the many trading techniques contained in the Tactics
section of this book, you'll be well on your way to
becoming a consistently profitable trader. It literally
only takes two or three workable techniques to rise
to the top of this game we call trading, and we are
certain you will find more than enough of them in this
book.
SEED OF WISDOM
The
best traders are minimalists. They find two or three
tactics or techniques that work consistently. Once they've
found them, they simply implement them over and over
and over. Repetition really does have value.
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