I often get asked how much time should you spend trading/researching? My answer is how badly do you want to win? The more time you spend researching, checking patterns, reviewing trades, reviewing others’ trades—yes, you might have to give up some video game, sports, TV, partying, girl/boyfriend time but sacrifices are necessary…hell I missed my college graduation for a great trade!—the more comfortable you’ll be in your trading because you’ll have seen similar patterns and trades before.
The more comfortable you are, the more time you’re willing to devote to this since you’re enjoying yourself more, the more trades, patterns and variables you see, the better you understand them all, the better you understand your own strengths and weaknesses the better odds you have on each trade, the more profitable you become.
Spending all day, every day, trading, is definitely not the way to get rich, but it will help you understand what works and what doesn’t. (You might also lose your mind so some time off is required) Over the past decade, I’ve been through just about possible stage a trader could experience—over-trading, under-trading, scalping, swing trading, day trading, short-term investing, long-term investing, getting too cocky, being too unconfident, booms, busts, fast times, slow times, etc—all of which has allowed me to become more mentally tough, this increasing my chances at winning. And despite all this, I still have a ways to go in my learning.
When I posted about Tiger Wood’s at the US Open, I knew it was an awe inspiring performance, but I had no idea—nor did anybody else—understand how bad it really was.
It turned out Woods played 91 holes of major golf with a double stress fracture in his left tibia… doctors told him the stress fractures required three weeks on crutches and another three weeks of rest, which would have meant no Open for Woods
THIS article even talks about how his knee was making weird noises!
That’s not just mental, but physical toughness.
How do you think he got that way? Years of training. Preparation and THIS
You can be the Tiger Woods of trading.
