Thanks to a heads-up from Tadas at Abnormal Returns, I found a post with such good advice that I had to pass it along. This is one of those situations in which I recognize my own failings. Had I paid more attention to this idea, I know it would have made a huge difference. I'm passing it along with the hope that readers take this seriously.
David V, at CSS Analytics, subtitles his blog: Use Quantitative Research to Beat the Market. Under normal circumstances, I'd look at that title and move on because I believe it so difficult for anyone to consistently beat the market.
But this post is special to me because it focuses on education. It also reminds me that I failed to do that hard work, that I failed to strive for greatness and that I took the easy road. Not everyone has the drive or skills to rise to the top. But if are talented and diligent, believe these ideas, and truly work at continuing to learn – throughout your lifetime – then the potential rewards are available to you. If you take the lazy approach, you may do well or you may fail miserably.
David's path is not easy, but do the rewards justify the effort? That's your personal decision. But I know that it's worth your time to read the entire post, but here are some excerpts:
The intelligent person will start out in any given field–whether music,
athletics or academics–as a student of those who are more experienced or
talented. Through the course of “10,000 hours of practice” and a lot of
guided learning, these same students will likely emerge as “experts” in
their field (assuming they have enough talent).
The reality is that they have to always try to improve to avoid
The same thing applies to trading. Big money managers compete against
other money managers, traders compete against other traders. Just when
you think you are good, look out because someone better than you is just
around the corner. You have to always work hard, and try to be one step
ahead–otherwise my friend you are going to fall behind.
Michael Jordan was Michael Jordan because of all of that–and no one ever
hears or talks about the more talented players that never made it
because they were lazy.
For this reason, you are never an expert. No matter how good you are, or
how good other people say you are, it really doesn’t matter. Always
think of yourself as a student–someone who always has something to
learn. You must absorb as much as you can from other experts, and even
question their root assumptions. Once you become the expert, you have
to learn to question your own root assumptions–because the only people
you speak to most often are looking for answers. Those who
never question will not only never find the answers, but they will also
fail to truly understand how things work. This framework has been the
foundation for all scientific progress.
People with lesser knowledge and skills can easily surpass you through
sheer discipline and constant work ethic. You need to know what to do,
and you need to actually do it for”10,000 hours” to really absorb the
knowledge you have accumulated. If you haven’t done or are unwilling to
do that then as a trader you are going to have to mechanize your
trading–because no matter how much you know about the markets, you still
have to know how to manage yourself just as much to succeed.
It's never too late.
My 33 years as an options Trader. In Lessons of Lifetime, I share some of the ideas I've learned through the years, including my philosophy of trading and how I look at trading, positions, risk management, record keeping etc.
The ebook will be launching within one week, as I'm still in the editing phase.
Lessons of a Lifetime: My 33 Years as an Options Trader is approximately 18,000 words in which I share some of the ideas I've learned through the
years. that includes my trading philosophy and how I look at trading,
positions, risk management, record keeping etc.
Note: eBook only; no hard copy available.
Order now – before the official launch date, and pay only $10.
I'll notify you when book is ready for download.