View Single Post
  #65  
Old 07-08-2005, 07:08 PM
Dan Mezick Dan Mezick is offline
Senior Member
 
Join Date: Jun 2004
Location: Foxwoods area
Posts: 297
Default Re: Ideal Strategy

[ QUOTE ]
Do you not agree that the success "traits" for trading and poker, can be learned, by anyone willing to invest the proper and certainly significant amount of time required to learn them?

[/ QUOTE ]

...to a certain extent. Yes everyone can find a model for the desireable behaviors and imitate them. A good analogy is talent in a sport, say golf. Some participants just have more. In sports, everyone can enjoy the game without being the leader in innate talent.

The same principle is true with poker and trading, but to a much lesser extent ... because of the money aspect.

The rewards from poker and trading come from developing at least some level of mastery, much like an athlete must. In trading you are rewarded for mastery and punished for anything less than minimal mastery of the key behaviors.

With a commitment to mastery comes the price of mastery, which, if you are committed, is a price you are willing to pay.

The price includes a large time investment, and likely, a substantial money investment also. The time investment can be measured in years.

While it's certainly not a 'good' mindset to expect to lose, expecting to win-- immediately-- may point to a desire to get something for nothing.

It's like an intern surgeon expecting to perform flawlessly in his first 100 operating room experiences. This can happen to talented individuals, but such talent is rare.

Note that the surgeon also went to school, paying substantial tuition as well a large investment of time and effort.

Of course, doctors get internship and residency, while traders have no formal process to guide them as they gain mastery. Each must train and figure it out for himself personally.

The issue of "innate trading talent vs. trader training" is the focus of the Turtles, a group of trading newbies taught trend following techniques by the master Richard Dennis.

Yes people can be trained to do this, but they have to love trading. To love trading IMO it must be in your blood to some extent.

Many of the original turtles no longer trade, while many went on to illustrious trading and money management careers.
.
The Turtles Story

You can learn about the system rules they had to follow here:

http://www.originalturtles.org/system.htm#download


[ QUOTE ]
The Turtle Trading System was a Complete Trading System. Its rules covered every aspect of trading leaving no decisions to the subjective whims of the trader. It had every component of a Complete Trading System.


[/ QUOTE ]
Reply With Quote